People are quitting their jobs at the fastest rate since 2008.

Job openings fell slightly in September, to 4.73 million from a revised 4.85 million in August, according to the latest JOLTS report from the BLS. 

Expectations were for the report to show job openings fall slightly in September, to 4.8 million from 4.84 million in August. August's report showed job openings were at roughly a 13-year high. 

In a note to clients following the report, Ian Shepherdson at Pantheon Macro wrote, "note that the quit rate, one of [Federal Reserve Chair Janet] Yellen's favored indicators, rose to a six-year high of 2% from 1.8%."

Many will argue this shows strength in the labor market, as workers are less likely to quit their jobs if they don't think they will be able to get another one. 

Thursday's report also showed that total job separations increased to 4.79 million in September from 4.53 million the prior month, while hires also rose to 5.03 million from 4.74 million the prior month.

The latest JOLTS report follows the latest report on initial jobless claims, which showed claims rose slightly last week to 290,000. Initial claims remain near multiyear lows, however. 

The JOLTS report has been a bigger focus in the market since Federal Reserve Chair Janet Yellen mentioned that the report was one of her favorite labor market indicators. 

Here's the chart showing the rise in quits.

And the chart showing total job openings, which are still near multiyear highs. 

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