Economic Health: More Americans Leaving Current Jobs for Better Ones

Along with low unemployment generally, another sign of health is showing in the American economy: “Americans’ confidence in employment prospects is soaring as the labor market tightens. The latest proof: A record number are voluntarily quitting to seek better jobs,” per a report from Bloomberg on Tuesday.

The news comes from the Labor Department’s Job Openings and Labor Turnover Summary, which can be read in full here:

“Some 3.56 million workers left positions in May, the most in data back to 2000, and up from the prior month’s 3.35 million, Labor Department data showed Tuesday. That pushed up the quits rate, which measures quitters as a share of employed people, to a 17-year high of 2.4 percent from 2.3 percent. With more workers feeling assured of finding better employment, sustained wage gains may soon follow.”

Welcome news for job seekers, indeed—wage growth has been slow in the past few years, albeit on the uptick.
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