Quits/Layoffs Ratio vs S&P500

Here is an interesting chart from EconmpicData:

Notice how the Quits/Layoffs ratio started to roll over well before the Stock Market back in 2006. Also take note of the fact that the ratio bounced nicely off the low in early 2009 but much less so than the stock market. Is the Quits/Layoffs ratio telling us something? It certainly looks that way to me.

$SPX $ES_F $SPY

Source: Quits/Layoffs (Econompicdata)