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More Americans are quitting their jobs, and that’s a good thing

Creative Commons/Alan Cleaver
Outta here.
By Melvin Backman
Published Last updated This article is more than 2 years old.

The US Bureau of Labor Statistics just unleashed its latest look at turnover in the job market, and the rate of workers putting in notice ticked back up after falling briefly a few months earlier. If the rate continues to move higher in the months ahead, it will reach a post-crisis high.

Quit rates declined in most industries tracked in the bureau’s job openings and labor turnover report, but there was a notable uptick among professional and business services firms (think lawyers and accountants)one of the largest categories the BLS tracks.

Federal Reserve chair Janet Yellen likes to keep an eye on the quit rate because it’s a good indication of how much slack there is in the labor market. If you can quit your job, you’re more confident that you can grab another one without too much competition for a new gig.

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