Job openings rose to 5.6 million on the last business day of December. Hires were little changed at 5.4 million and quits increased to 3.1 million. Separations were little changed at 5.1 million. The quits rate was 2.1 percent and the layoffs and discharges rate was 1.1 percent.
This is a strong report. A climb in quits suggests people are finding better-paying jobs, The climb in job openings, of course, means more immediate economic activity.
Most noteworthy, the number of Americans who voluntarily quit their jobs climbed to a nine-year high,
This is not what a recession looks like. As can be seen in the chart below JOLTS number tend to start falling right at the outset of a recession (shaded area).
Doesn't it matter what KINDS of jobs are being created? Could this report be a sign of a top?
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