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Tuesday, July 09, 2013

People Remain Unwilling to Quit Jobs

The labor market is still far from normal:

Still Not Enough People Willing to Quit Jobs, by Neil Shah, WSJ: ... Around 2.2 million Americans voluntarily quit their jobs in May, up slightly from March and April but barely more than a year ago, the Labor Department said Tuesday. Before the recession, three million employees tended to quit their jobs a month. The “quits rate” — the number of people quitting as a share of the employed — has now stayed stuck at 1.6% for three months in a row....
Employees still aren’t jumping ship and seeking higher pay in new jobs, probably because they aren’t confident they can quickly find something after leaving their current employer. ...
The main reason Americans aren’t seeking greener pastures is probably because hiring remains both modest and patchy. ...
There was some positive news, however. The number of job openings posted by companies edged up, while layoffs dropped a little and have fallen to prerecession levels. ... For every job opening in May, there was just slightly more than three people — 3.07, to be exact — looking for work. That’s below the 3.37 level seen a year ago and a far cry from where we were in July 2009, when there were more than six job seekers for every job opening.

That's partly because of the number of people who have dropped out of the labor force and stopped looking.

We still have an unemployment crisis, and Congress has all but turned its back on millions of people who cannot find work (or are underemployed, part-time involuntarily, etc.). Republicans are the main obstacle to doing more to help the unemployed, but Democrats haven't exactly been banging the drum on this issue.

The recovery of the labor market didn't *have* to be so slow.

    Posted by on Tuesday, July 9, 2013 at 10:39 AM in Economics, Unemployment | Permalink  Comments (35)


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