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April 08, 2015

More Americans job-hopping for better pay

Higher quit rate means stronger economy

In January, nearly 2.8 million employees voluntarily quit their jobs, an increase of 17 percent from the year before, CNNMoney reports. 

The quit rate went up to 2 percent from 1.7 percent. The increase in the quit rate, which measures the number of quits as a percent of total employment, suggests a stronger job market.

Quitting stats provide a glimpse into workers' willingness and ability to leave their jobs and find better employment elsewhere. Hiring continues to pick up. Last year was the best for American job growth since 1999.

Stuck in stagnant wages, more Americans are leaving their jobs for a boost in salary elsewhere.

Ben Baxter, a 28-year-old Alabama resident, has quit six different engineering jobs since February 2013.

"I tend to change jobs about every six to 12 months," Baxter told CNNMoney. "It's the best way to increase salary. Always have an out in your back pocket."

The increase in quit rate is a good sign for the economy. As companies continue to lose talented employees to competitors who are willing to pay more, they will be forced to increase salaries of current workers.

Read more from CNNMoney.