More Americans Quitting Their Jobs
Americans are quitting their jobs at the fastest pace in 17 years, according to Industrial Equipment News. And the reason why so many are walking out their employer’s door is actually a good thing.
More Americans are quitting their jobs because they have found a better job to replace it with. A sign of the working class leaving their current employment is actually a healthy sign for the economy because it indicates positive job growth.
Most Americans leave their job because they have another one lined up, meaning more Americans are finding better positions with hopefully a higher salary and more benefits.
As of November 2017, the resignation rate increased to 3.2 million, according to NowThis Money. Yet despite more workers electing to leave their current jobs, the labor market remains at almost full capacity.
Even thought the labor force has little in the way of job openings, the fact that so many Americans are voluntarily leaving their jobs shows confidence within the market in finding a new job.
Not only does it signal advancements in the market as far as job growth is concerned, it also signals a possibility in wage growth as well. The annual wage growth is at the highest it’s been in over eight years, according to NowThis Money.
And the job advancements should signal healthy growth for the millennial generation as well. Currently, millennials are earning less than the previous generation did at their age, but are also saving more money and securing their financial future well before their parents or grandparents did.
Millennials are showing to be the most financially literate generation and super savers. They are not only stashing money away for retirement, they are also saving money for rainy days or emergency funds.
Overall, the U.S. economy seems to remain strong as the rebound in the job market has stayed the same for the past seven years. The outlook for the economy in the near future is positive, according to the Guardian.