Is job hopping considered bad in the industry?

After leaving college the expectation is that, while one may not spend his/her entire career in one company but would certainly spend a good number of years in a place before jumping ship. Now with reasons like unsatisfying work, lower salary, slow growth, no new learning experiences occurring etc., new joiners tend to consider leaving their current job prematurely and move on to a new one which he feels will offer him better opportunities.
So, here comes the question, whether job hopping is considered bad in the industry or is acceptable in the current scenario.

Until recently irrespective of the type of industry, job hopping was considered as a career suicide. There was a time when the hiring managers would rate company loyalty much higher than the other things while deciding a good fit for the position. But recent Bureau of Labor Statistics report shows that the average number of years an American worker stay with their current employer is 4.6 and that reduces to half (2.3 years) when it comes to the tenure of young employees aged between 20-34 years. It shows that with the tech explosion the old notions are changing. Hiring managers have started valuing skills and quality more than the company loyalty. A person who has worked in different places will bring with him a diverse background knowledge, more information, and resources, a large resourceful network of different businesses and people etc.

But again, the acceptability of job hoppers varies by industry or the role one is applying for. There are some industries where it’s okay to move around every 1-2 years and there are others especially in the core engineering fields, where you are expected to stick long enough to pick up the depth of experience and sharper insights.

So, what do you guys think about the pros and cons of job hopping? Do voice your opinions in the comments below.