More Americans Quit Their Jobs in December Than at Any Other Time in the Last 9 Years

more-americans-quit-jobs-dec

It’s quitting time.

The number of Americans leaving jobs voluntarily rose 7% to 3.1 million in December, the Labor Department said Tuesday.

That was the highest since December 2006, and it confirms that the job market had hit its stride in December. It shows worker confidence in the ability to find another job, which had remained fragile, has picked up.

Economists believe worker confidence will boost stronger wage gains, which have been elusive in the current recovery and are considered key to more robust economic growth.

“The pickup in quits reflects workers feeling additional job opportunities are more widely available,” Wells Fargo economists wrote in a research note Tuesday. “Job switching is an important source of an individual’s wage growth. In addition to firms having to compete more heavily via wages as the labor market tightens, the bump in wages reflects the presumed productivity enhancements of better matching workers with available jobs.”

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SOURCE: MarketWatch, Andrea Riquier