Job Quits Drop Again, Well Below Pre-Covid Levels -

Job Quits Drop Again, Well Below Pre-Covid Levels

Oct 01, 2024Jeremy ParkinsonFinance, No picture0

Image Source: UnsplashJob quits continue to plunge in nearly all job sectors.Data from the BLS, chart by MIshJob Openings and Labor Turnover JOLTSThe Job Openings and Labor Turnover Summary for August shows some sobering trends.

At the March 2022 peak, there were 12,182,000 job openings vs an unemployment level of 5,993,000. There were more than two openings per those unemployed.

There are now 8,040,000 opening vs an unemployment level of 7,115,000. The unemployment level will soon top openings.

Quits are voluntary separations. The number of quits is below the pre-Covid level.

Quits by SectorPeople are not quitting because there are fewer jobs to go to and new hires will generally be among the first to be discharged when layoffs hit.Education and health services jobs have been elevated to handle the surge in immigration. But even in this sector quits have plunged to normal levels.ISM Manufacturing Contracts 6th Month, 22nd Time in 23 MonthsEarlier today, I noted ISM Manufacturing Contracts 6th Month, 22nd Time in 23 MonthsThe most striking aspect was a plunge in manufacturing employment to deep contraction.On August 23, Fed Chair Jerome Powell said the Fed Does Not Seek or Welcome Further Labor Market Cooling

The market is cheering the Jerome Powell’s self congratulatory and market friendly speech at Jackson Hole. “Your mileage may vary,” said Powell. Indeed.

Further labor market cooling is coming anyway.More By This Author:ISM Manufacturing Contracts 6th Month, 22nd Time In 23 MonthsHousing Starts Are Tumbling As Completions Soar, It’s Very Recessionary The Stunning And Growing Dependence On Government Aid In Pictures