CLARKONOMICS: The rate of employees who are voluntarily quitting jobs rose in September to its highest level in three years, signaling a glimmer of hope at a time when it seems there’s no good news on the job front.
As you probably know, the official unemployment number has been stubbornly high, hanging out right around 9%. But The New York Times’ Economix blog reports that what’s called the “churn rate” has picked up enormously.
Simply put, people are leaving jobs they don’t like because they feel confident that they’ll be able find better and higher paying work. This trend is creating a significant increase in the number of hires — even with all the high unemployment.
The latest data from the Bureau of Labor Statistics shows that in the past we were at 7 jobless workers for every job opening. Now we’ve moved to 4 jobless workers for every opening. It would be great if it could be 1:1, but we’re already seeing a dramatic improvement. Meanwhile, openings are up just under 40% in the last two years.
Don’t get me wrong, I’m not painting a beautiful sunset picture. But it’s not all storm clouds.
We’re at a time where there is the possibility of more opportunities. If you have been discouraged in looking for work, now is a great time to reconsider getting out there, particularly during the holidays when everyone else sits it out until January!
