This week the Federal Reserve hiked its key short-term interest rate a quarter of a percent – a move that was widely expected. In her statement, Chairwoman Janet Yellen referred directly to one of the lesser-known labor market indicators known as “Total Quits” (or referred to by some as the “take this job and shove it indicator”). According to the latest data, quits surged by 135,000 in January—its biggest monthly increase since December of 2015. That pushed the total number of Americans quitting their jobs in January to 3.22 million, a level not seen since 2001. Chairwoman Yellen used the statistic, remarking on its positive meaning to the Fed “We’re seeing more people who are feeling free to quit their jobs, getting outside offers, looking for other opportunities.”
"Take This Job and Shove It Indicator"
| March 20, 2017