Rasputin - 9:13 am on Jun 26, 2012 (gmt 0)

In analytics if you compare two periods you will notice that they give the variance % in green if it is an improvement or red if it is worse than the earlier period.

If bounce rate changes from 50% - 60% the variance is shown in red, a 'bad thing'. But if exit rate changes from 50% - 60% it is shown in green as if its a 'good thing'. Go figure.

IMO just because high exit rate seems aligned with panda effects in some circumstances doesn't imply a direct cause-effect relationship, it is just as likely both are symptoms of the underlying 'problem' with the site: improve the general quality of the site and exit rate should fall, and panda 'penalty' should be removed.