RESIGNATION CONSENSUS (Positive Consensus/Bear Market Indicator) Job quitting at seven year high
May 22, 2015
When times are good, confidence rises. It rises so much that people feel they can take some chances to see if the grass is greener somewhere else. This appears to be happening in the US as the number of Americans that quit their job reached the highest level in seven years.
“About 2.78 million workers quit their jobs in March — the most since April 2008 — up 15% from a year earlier, the U.S. Labor Department reported. More workers quitting is a sign that employees feel confident enough in their prospects to give up some career stability.
The question is how sustainable is this level of brashness? Quits have yet to push past a monthly tally of more than 2.8 million seen at the start of the Great Recession, which ended six years ago. Further, there were hints of weakness elsewhere in the most recent job reports. For example, job openings declined in March, and there were more potential job seekers per opening than there were in February."
You’d think people’s willingness to move to another job would be a sign for the Federal Reserve that the economy is more than on the mend, however Club Fed refuses to normalize interest rates. It clearly must feel that something concerning is on the horizon.