Dec 9, 2021 - Economy & Business

The job quits rate has peaked

Data: FRED; Chart: Axios Visuals
Data: FRED; Chart: Axios Visuals

Job quits, the monthly stat driving the Great Resignation — which has become synonymous with the post-pandemic economic recovery — cooled a bit in October.

The big picture: The ratio of unemployed Americans per job opening fell to the lowest level in decades, according to data out Wednesday from the Bureau of Labor Statistics.

Why it matters: Though the unemployment rate is still above its pre-pandemic low, almost every other indicator suggests the economy is at full employment, wrote Andrew Hunter, senior U.S. economist at Capital Economics, in a research note.

  • That could have implications for the Federal Reserve's committee meeting next week, where it may decide to speed up the taper of its bond purchases.
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