An upward trend in the job quitting rate in the U.S. signals strength in the labour market.
Why?
In good times people are more likely to quit their jobs because getting a new job is generally easier. When the economy starts to weaken, employees recognize these signals early and change their behaviour, making them far less likely to quit their current jobs.
As a result, we find that the U.S. job quitting rate is an alternative and early indicator of relative strength in the labor market.
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