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Quitters May Indicate Rising Confidence in the Labor Market

on March 12, 2014

Daily Economy

Each month the Employment Situation from the Bureau of Labor Statistics reports, among other things, the number of jobs created and the unemployment rate. While the Employment Situation is important, the new Federal Reserve Chair Janet Yellen recently indicated that Federal Reserve officials will also focus on the lesser known Job Openings and Labor Turnover Survey (JOLTS) . JOLTS reports the number of job openings, hires, and separations in the preceding month.

Job openings include full-time, part-time, permanent, and temporary positions that firms are actively recruiting for outside the company. Hires are the total number of positions filled. Separations are discharges initiated by the employer, and quits are initiated by the employee. Quits do not include retirements, transfers, or promotions.

Though there is no information on whether a quitter has a job lined up, the conventional wisdom is that workers quit when they have found, or are confident in finding…

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