Placeholder for contenteditable div

While searching for the same problem I worked out a simple mixed css-JavaScript solution I’d like to share:

CSS:

[placeholder]:empty::before {
    content: attr(placeholder);
    color: #555; 
}

[placeholder]:empty:focus::before {
    content: "";
}

JavaScript:

jQuery(function($){
    $("[contenteditable]").focusout(function(){
        var element = $(this);        
        if (!element.text().trim().length) {
            element.empty();
        }
    });
});

Updated fiddle