One important metric on how people feel about the economy is in how many people are quitting their job to take a new one. In a healthy economy, this number is high because people know they can move to a better job. But in a badd one, this number is lower because people are afraid to quit a job for fear they can’t get a new one.
And today, that number is low. Americans are not quitting their job because they fear replacing it will be much harder.
In a healthy economy, people do not fear quitting a job because it is easy to find a new and better one. Today that isn’t happening.
Per Yahoo Finance:
Workers are becoming increasingly wary of searching for new jobs amid a slowing labor market.
New data from the Bureau of Labor Statistics released Tuesday showed that the quits rate, a sign of confidence among workers, ticked down to 1.9% in August from July’s 2%, marking the slowest pace since June 2020. Meanwhile, the Job Openings and Labor Turnover Survey (JOLTS) showed 5.31 million hires were made during the month, down from 5.41 million in July. The hiring rate hit 3.3% in August, down from 3.4% in July. Excluding the pandemic, the hiring rate was at its lowest level since 2013 in August.
“The quits rate fell to the lowest since the pandemic, and the decline is consistent with other data showing workers view the labor market less favorably,” Nancy Vanden Houten, lead economist at Oxford Economics, wrote in a note to clients on Tuesday.
The Biden-Harris regime has Americans fearful of their livelihoods because they know Biden’s economy is a mess.
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