CBS News details:
One sign of better economic times is when more people start finding jobs. Another is when they feel confident enough to quit them.Before we shout "recovery", we need to review the data. Are layoffs now below quits? Indeed, they are. But the level of quits is still WAY down.
More people quit their jobs in the past three months than were laid off - a sharp reversal after 15 straight months in which layoffs exceeded voluntary departures. The trend suggests the job market is finally thawing.
Some of the quitters are leaving for new jobs. Others have no firm offers. But their newfound confidence about landing work is itself evidence of more hiring and a strengthening economy.
"There is a century's worth of evidence that bears out this view that quits rise and layoffs fall as the job market improves," said Steven Davis, an economist at the University of Chicago.