Welcome to the Dispatch podcast.

We are back with Steve Hayes and friend of the pod,

Scott Linsacom, author of the Dispatch newsletter,

Capitalism and Senior Fellow at the Kato Institute.

Let's dive right in.

Scott, just coming out of the Bureau of Labor Statistics,

workers quit their job at highest rates on record in September.

Data just out shows 3.0 quits rate,

which 3.0 doesn't mean a lot to me, except that first sentence did.

Let's start with the breaking news.

So what does this say about the health of our economy?

Well, the labor market is very, very hot.

And the quits rate essentially is a way to see how comfortable

workers are with their job prospects.

Because the vast majority of people who are quitting,

especially right now, aren't quitting to go into unemployment.

They tend to be quitting to go to another job.

And when the labor market is hot or tight,

then you feel more comfortable quitting.

Typically, when the labor market stinks, you don't quit.

I think that's probably pretty intuitive.

The issue, though, is why is the labor market so tight?

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