In fact, the job number IIRC was just 194K more than for the last month. Not the IIRC 700K that MS economists expected. If we add those 1M quits to the 194K, we get 1.194M more jobs not the 700K that the final total was. I know that these are quite rough numbers. However, surely the number of jobs added to the economy that month was at least 890K jobs added if the last many quits are not counted, not the 700K reported. And yes, there are some quits in every month.
This was taken in the MS media as proof the economy was hurting and not coming back like it was hoped. I see this spin as just wrong. That people quiting sh!ty jobs as a good thing, not a bad thing. So, take out 70% (= 3K) of those who quit and the number doesn’t seem so bad (1,194K -300K =894K). Well, except for the owners who now need to hire a replacement, maybe for more money.
I remember a day, long ago, when the employment applications asked, “How much pay do you need?” Do they still? Maybe owners will have to increase the pay because nobody will accept those low paying jobs any more.
So, am I making any sense here? If I'm wrong tell me why or how.