Despite the low unemployment rate, workers are no more likely to leave their jobs than they were two years ago, according to the Labor Department’s new Job Openings and Labor Turnover Survey, or JOLTS. The rate at which workers quit their jobs—seen by many economists as a sign of confidence in the labor market—fell slightly to 2.1 percent in August from 2.2 percent in July.
The quits rate, or the share of employed people who voluntarily leave their jobs in a month, has held nearly steady for two years after slowly climbing following the end of the recession in mid-2009. The sideways move in the quits rate comes at a time when the unemployment rate has fallen to a 16-year low and the number of available jobs has touched the highest level on records back to 2000.
The number of job openings in the U.S. slipped slightly in August from July’s record high, but was the third highest monthly level on record. There were 6.08 million seasonally adjusted openings during the month, down from 6.14 million in July.
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