1.92 American employees quit their jobs in Jan for each employee fired, per today's @usbls.bsky.social #JOLTS data.
This #LaborLeverageRatio, which proxies for labor bargaining power in jobs, declined slightly from rising firings (=layoffs + discharges) & stable quits
www.upjohn.org/labor-levera...
1.82 American employees quit their jobs in Dec for each employee fired, per today's @usbls.bsky.social #JOLTS data.
This #LaborLeverageRatio, which proxies for labor bargaining power in jobs, declined slightly from rising firings (=layoffs + discharges) & stable quits
www.upjohn.org/labor-levera...
Many more employees in Accommodations & Food Services decide to quit in Nov than prior months driving a spike in their #LaborLeverageRatio (top line).
Figure below shows its LLR & that for Health & Social Services.
The two sectors moved together for many years, now diverge. Not sure why.
1.87 American employees quit their job for each employee fired by their employer in Nov.
This #LaborLeverageRatio proxies for worker power in their job and rose due to both a 6% increase in quits & a 9% fall in firings (=layoffs & discharges) versus Oct.
1.59 American employee quit their job for each employee fired by their boss in Oct, lowest level since Jan 2018 outside pandemic
This #LaborLeverageRatio proxies for employee bargaining power in jobs cuz workers ⬆️ quits when their outside options improve & bosses ⬆️ firings when theirs do
1.96 American employee quit their job for each employee fired by their boss in June.
This #LaborLeverageRatio proxies for employee bargaining power in jobs because workers increase quits when their outside options improve & bosses increase firings when theirs do. Stability over recent months.
The latest #LaborLeverageRatio 🧵from our @aaronsojourner.org
#Econsky
Hiring, quits, firings, & job openings pretty steady in today's #JOLTS report for May.
2.1 American employees quit their jobs for every employee fired by their boss in May, steady in recent months.
This #LaborLeverageRatio proxies worker bargaining power via changes in each sides' outside options
1.79 American employees quit their job in April for each employee fired by their boss (layoffs+discharges), down from 2.10 in March due to both declining quits & rise in firings.
This #LaborLeverageRatio, a proxy for employee bargaining power, fell to pre-pandemic levels, reversing recent increases
2.14 American employees quit their job for each employee fired by their boss in March, per #JOLTS release today.
This #LaborLeverageRatio proxies for workers' bargaining power in their job, rise from 1.83 driven by 3% rise in quits & 12% fall in layoffs+discharges.
www.upjohn.org/labor-levera...
1.78 American employees quit their job for each employee fired by their employer in Feb.
This #LaborLeverageRatio proxies for worker power in their job fell from 1.95 in Jan due to both declining quits & rising firings (=layoffs & discharges).
www.upjohn.org/labor-levera...
2.0 American employees quit for each employee fired during January, per new #JOLTS data today.
This #LaborLeverageRatio proxies for worker bargaining power in their jobs. Increase in quits lifted LLR.
The #LaborLeverageRatio from our @aaronsojourner.org -- a measure of worker power -- has fallen from its pandemic recovery peak but remains relatively high historically. #Econsky
1.8 employees quit their job in Dec for every employee fired by their boss (discharges + layoffs).
This #LaborLeverageRatio proxies for employee bargaining power vis-a-vis their employer.
It fell to pre-pandemic levels after Fed started raising rates in early 2022.
www.upjohn.org/labor-levera...
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1.68 American employees quit their job for each employee fired by their boss in Sept.
This #LaborLeverageRatio proxies for worker bargaining power vis-a-vis their employer and has been declining since the Fed started raising rates in spring 2022.
The latest from the #LaborLeverageRatio, @aaronsojourner.org's measure of worker versus employer bargaining power. 📉📈
New BLS JOLTS data today:
2.19 American employees quit for each employee fired by their boss during June.
This #LaborLeverageRatio measures labor bargaining power, has been steady for a year, just above immediate pre-pandemic level.
www.upjohn.org/labor-levera...
2.09 American employees quit their job in May for every employee fired (laid off or discharged) by their boss.
This puts the #LaborLeverageRatio, a measure of workers' bargaining power, at its lowest level since Feb 2021 before the labor market went on boil in spring/summer 2021.
📉📈
After a 2022 spike, this labor leverage ratio has been flat for 9 months, slightly above its pre-pandemic peak.
Anyone reporting on a "layoff wave" is misinforming you.
Firing = layoff or discharge.
More on #LaborLeverageRatio:
www.upjohn.org/labor-levera...
That said, the firing rate did tick up from 1.0% in Jan to 1.1% in Feb, reflecting lower labor leverage.
This brought down the #LaborLeverageRatio -- the # of (employee-driven) quits per (employer-driven) firing -- from 2.2 to 2.0, in line with pre-pandemic levels for the 1st time. Quits stable.
#LaborLeverageRatio remains higher than pre-pandemic, more employee-driven quits per employer-driven firing signals workers having relatively more bargaining power.
www.axios.com/2024/03/08/w...
The #LaborLeverageRatio now updated. Explore the ratio by sector and over time:
www.upjohn.org/labor-levera...
2.15 employee-initiated quits per employer-initiated firing in January, basically flat from Dec. Both quits & firings (layoffs and discharges) stable.
#LaborLeverageRatio is a measure of worker bargaining power vs employers, elevated vs pre-pandemic but down since Fed started rate hikes.
2.1 employees quit their jobs for every employee fired (laid off or discharged) by their employer in December.
That #LaborLeverageRatio is a smidge down from Nov's 2.3, driven by both a 5% decline in quits and a 5% rise in firings.
Vs pre-pandemic, firings are 10% lower & LLR above but close.
Latest #LaborLeverageRatio up slightly, with quits and layoffs both down. 📉📈
There were 2.27 employees who quit their job for each worker fired (laid off or discharged) by their employer in November.
This #LaborLeverageRatio has been in a narrow range since since July, tiny edging up continued as both quits and firings fell slightly from Oct.
New #LaborLeverageRatio from @aaronsojourner #️⃣#️⃣
📉📈
#LaborLeverageRatio pattern is similar across most, but not, all industries. These are rolling 12-month averages to reduce noise & adjust seasonally. So a bit more inertia here.
www.upjohn.org/labor-levera...
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Open to refinements.
