When Quitting is a Good Thing
This week the Federal Reserve hiked its key short-term interest rate a quarter of a percent – a move that was widely expected and probably long overdue.
In her statement, Chairwoman Janet Yellen referred directly to one of the lesser-known labor market indicators known as “Total Quits” (or referred to by some as the “take this job and shove it indicator”).
According to the latest data from the U.S. Bureau of Labor Statistics, quits surged by 135,000 in January—its biggest monthly increase since December of 2015. That pushed the total number of Americans quitting their jobs in January to 3.22 million, a level not seen since 2001.
Chairwoman Yellen used the statistic, remarking on its positive meaning to the Fed “We’re seeing more people who are feeling free to quit their jobs, getting outside offers, looking for other opportunities.”
Isn’t it fascinating that something that might seem like a negative at first glance, when you take a closer look, really turns out to be a positive.
And in looking closer at the chart, since the bottom of the recession in 2008-2009, it’s been a slow and steady climb upward. That’s the blue line if you’re not sure.