By Ben Casselman, The Wall Street Journal
Friday’s jobs report was a disappointment, but here’s one sign the labor market may be improving: More people are quitting their jobs.
More than two million Americans quit their jobs in February, the Labor Department said yesterday. That’s the most since November 2008.
Strategists at ConvergEx Group pointed out in a note to clients that quits are a measure of economic confidence — people don’t tend to quit their jobs in tough labor markets because they’re worried they won’t be able to find a new one. During the downturn, monthly quits plunged to a record low of 1.6 million in September 2009, down from more than three million per month before the recession began. The fact that they’re rising again suggests that workers may finally be seeing signs that the job market is improving.