Monetary Melioration

In yet another sign of labor market tightness, the percentage of persons who quit their jobs in May was 2.4%, the highest level since January 2001, and higher than the 2.2% attained during the peak of the Housing Boom. 2.4% translates into 3.56 million people/month quitting their job, or almost 43 million employees/year. Those who switched jobs in May experienced median wage growth of 3.8% versus 2.9% for job stayers.