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July 11, 2018

THE RETURN OF LABOR MOBILITY: Workers are quitting their jobs at a rate not seen since dotcom bubble.

Despite a tick down in the number of open jobs, there are still more open jobs than there are unemployed people—only the second time in two decades that has happened.

Businesses advertised 6.64 million available jobs in May, down from 6.84 million the month before. But there were only 6.1 million unemployed people.

The proportion of workers quitting their jobs, known as the quit rate, reached the highest level since April 2001. Quits are seen as a positive sign that workers are confident they can find another job. Most people who quit do so for higher-paying positions.

This is unalloyed good news. I suspect the headline’s dotcom bubble reference was a lame attempt at putting a dark lining on a silver cloud.