More American workers voluntarily left their jobs in May, Reuters reports with the reference to Labor Department Report issued on Tuesday. Economists think that this is a sign of confidence in labor market, which will finally result in wage growth.

Number of employees leaving their jobs grew by 212000 to 3,3 million in May. This is the highest level in 17 years.

Despite of quite tight labor market, wage inflation is still moderate. Average annual growth struggles to pass 3% level and was 2,7% in June.

Stable labor market and inflation growth will most likely support US Fed’s interest rate hiking in August.

Employees voluntarily left their work places in May worked in such sectors as health care and social assistance, finance and insurance, transportation and storage.

Number of vacancies as of end of May was 6,6 million. It is lower, then record 6,8 million in April, however, still high enough to judge about shortage of qualified workers.