Yesterday the Bureau of Labor statistics released the latest data on job turnover. As expected, quit rates are the highest they've been in decades. But over-all turnover, while elevated, is not much higher than historical rates. It is about the same as it was around the Dot.com recession. That's because while quit rates are elevated, lay-offs and discharges are down. The difference matters for wages since voluntary job changers tend to command higher salaries while also giving workers who choose to stay at their jobs more power. Overall, turnover may not be much higher than historical levels, but this masks more upward pressure on wages.

Source: FRED

Allison Schrager is a senior fellow at the Manhattan Institute. Follow her on Twitter here.