Job Openings—and the Job-Quitting Rate—Hit a 17-Year High

This July, the number of job postings exceeded the number of job seekers by 659,000—marking the largest difference in the numbers since 2000—according to Labor Department data reported Tuesday. Notably, the quit rate also hit a remarkable 2.4 percent, which is the highest rate since 2001. Bloomberg News notes these two rates likely explain why wages have also been rising at a faster pace: With more options available to employees, employers must offer higher wages to keep them. Federal Reserve Chairman Jerome Powell says the high quitting rate suggests the U.S. economy is “near full employment.” Data shows job openings increased in the manufacturing, leisure and hospitality, and finance and insurance industries, and the economy created a net of 2.5 million jobs in the past 12 months through July.