Tags: Quit | Jobs | Fired | employment

Govt: More People Quitting Jobs Than Are Getting Fired

Friday, 13 April 2012 07:41 AM EDT

More people are quitting their jobs these days than those who are getting fired, a sign that confidence in the economy is better than economic indicators would suggest.

In February, 51 percent of all job separations came from workers quitting, according to the government’s Job Openings and Labor Turnover Survey (JOLTS), the first time quitters were in the majority since September of 2008, CNBC reports.

People normally don't quit their jobs unless they feel they can find work elsewhere.

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“Quits go hand-in-hand with consumer confidence and for the first time of the recovery, quits represent a greater percentage of total separations than do involuntary layoffs,” Nicholas Colas, chief market strategist at ConvergEx Group, writes in a note to clients, CNBC adds.

"Careful analysis of February’s JOLTS data leaves us scratching our heads and hoping March was an anomaly."

The government's jobs report for March showed the economy added only 120,000 nonfarm payrolls, way less than expected, although the JOLTS data has some hoping for improvements in April.

"The March report seems to be widely accepted as a one-off," says Michael Murphy of hedge fund, Rosecliff Capital, according to CNBC.

"I agree with the conclusion that consumer confidence is improving."

Weekly unemployment benefit applications jumped 13,000 to a seasonally adjusted 380,000, according to the Labor Department's most recent report, a little higher than expected, while earlier numbers were revised upwards.

Blame that on seasonal factors and the nature of weekly data, other experts say.

"Applications can be choppy," says Ryan Sweet, an economist at Moody's Analytics, according to the Associated Press

But the trend bears watching.

"If claims continue to climb, it would be strong evidence that the job market is weakening," Sweet adds.

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Friday, 13 April 2012 07:41 AM
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