The number of Americans who voluntarily quit their jobs climbed to a post-recession high in December.
Taken together with this past Friday's Employment Report from the Labor Department, a solid strengthening in jobs and income growth is building momentum. Wall Street Journal staffer Jeffrey Sparshott looks here at the Labor Department’s monthly Job Openings and Labor Turnover Survey, or Jolts, which shows the number of voluntary quits rising to nearly 3.1 million, the highest level since December 2006. Sparshott notes that, right through December, jobs mojo began to look more and more like pre-Great Recession days again. Can it last? He writes:
It’s less clear if December will remain a peak or if that momentum can continue into 2016. As already noted, the pace of net job creation slowed in January and many big companies are pulling back on spending and, in some cases, announcing layoffs amid weak demand and broader uncertainties about the U.S. economy.
But the Labor Department measures show a market that is getting tighter, spurring higher pay and pushing employers to hold onto existing employees.