Job leavers just ticked up to 10.9% of the unemployed in October. Small move, but worth noting.
When people voluntarily quit without another job lined up, it usually means they feel confident about finding something better. It's a behavioral signal—confidence in the labor market, or at least less fear.
When that number shrinks, it's often the opposite: people clinging to what they have because they're worried about what's out there.
Right now? Still elevated historically. The labor market isn't falling apart. But watch the direction more than the level. If this keeps climbing, people are still feeling bold. If it reverses, that's when you start seeing the psychology shift.
Markets love confidence. Until they don't.
When people voluntarily quit without another job lined up, it usually means they feel confident about finding something better. It's a behavioral signal—confidence in the labor market, or at least less fear.
When that number shrinks, it's often the opposite: people clinging to what they have because they're worried about what's out there.
Right now? Still elevated historically. The labor market isn't falling apart. But watch the direction more than the level. If this keeps climbing, people are still feeling bold. If it reverses, that's when you start seeing the psychology shift.
Markets love confidence. Until they don't.
