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According to the latest “Job Opening and Labor Turnover Survey,” over 3 million people quit their jobs in December, bumping the quits rate up to 2.1%—its highest point since April 2008.
High quits mean people have confidence in the availability of better jobs—and the data shows they're right.
The quits rate—the number of quits divided by the number of employees who worked—is one of the Fed's best tools to read the pulse of the labor market, Business Insider reports.
There were 5.6 million job openings during December, the second-highest on record, and the hires rate was 3.7% compared to a firing rate of only 1.1%.
Experts hope the robust labor market will finally drive up wages, which rose in January but have failed to break a 2.5% year-over-year growth rate. [BI]
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