11/30/2013

American workers have unprecedented "anxiety" about jobs and economy and their fear is justified


The polls are showing what the job numbers have been showing for some time.  Quits are supposed to fall during recessions and rise during recoveries (data from the JOLTS file at the BLS).  The explanation is simple: during recessions people are afraid to quit their jobs.  The longer the recession the greater the increase in quits as there is a pent up demand for people switching jobs.  Not so during this recovery.  Quits fells amazingly fell even further.  Only now during the most recent three months is the quit rate back to the level during the recession.  

Unbelievably, monthly job hires are now only slightly greater than they were during the recession.  They are still 13% below the level prior to the recession and just 4% above the level during the recession.

From the Washington Post (click to make screen shot larger):


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