Deficient Departures

While the number of job openings declined slightly in August to 6.08 million from July’s all-time high of 6.14 million, quit rates remain relatively low. Since 10/16, quit rates have vacillated between 2.1% and 2.2%, and are barely above the 2% rate that was first breached in this recovery back in 6/15, despite unemployment being 5.3% then and just 4.2% today! This unwillingness to quit is holding back wage growth.