Federal Reserve economists have published a study showing that tighter labor markets increase workers’ likelihood of changing jobs and improve overall job quality. Using data from the Survey of Household Economics and Decisionmaking, the researchers found that a 10 percent rise in job vacancies raises the probability of a job change and boosts the chance of switching to a better job by 11–18 percent. Better jobs are defined as those with higher pay and benefits, greater interest in the work, and more advancement opportunities. The study notes that improvements in pay and job amenities occur in roughly the same proportion, suggesting that wage‑only metrics underestimate the benefits to workers.
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