The number of Americans who voluntarily quit their jobs rose to a record 4.5 million in Nov., a sign of confidence in the labor market and a signal that higher wages are here to stay.
- The 370,000 surge in quits posted in the JOLTS report was largely attributable to the accommodation and food services industry.
- There were also massive increases in the health care and social assistance fields as well as the transportation, warehousing, and utilities sectors. All four US regions posted an increase in the number of Americans quitting their jobs.
- Vacancies, a measure of labor demand, fell by 529,000 to a still-high 10.6M on the final day of November. There were also massive decreases in job openings in the accommodation and food services, construction, and nondurable goods manufacturing sectors.
Hiring remained largely unchanged at 6.7 million in November. The rate of hires was also unchanged at 4.5%.
DXY down -0.17%, EUR USD up +0.21%Source: US Bureau of Labor Statistics