Are Layoffs Rising?
National layoffs and discharges are running at 1.0% per month, placing them at the 12th percentile of all readings since 2000. Layoffs are historically low — involuntary separations at this level have typically coincided with tight labor markets and strong demand for workers.
At this level, involuntary separations are well below long-run norms. Historically, readings like this have accompanied periods of broad labor market resilience.
Sources: JTSLDR via FRED · Data through Jul 2026
Are Companies Still Hiring?
There are +7271K job openings nationally, at the 81st percentile. Openings are elevated — readings at this level have historically been associated with strong hiring demand and above-average wage growth.
High openings relative to the number of unemployed workers have historically coincided with stronger worker bargaining power and higher rates of job switching.
Sources: JTSJOL via FRED · Data through Jul 2026
Are Workers Confident?
The quits rate is 1.9%, at the 40th percentile. A higher quits rate has historically corresponded with periods of worker confidence — when voluntary departures rise, it typically reflects perceived availability of better opportunities.
The quits rate is in a normal range — neither unusually high nor unusually low relative to historical norms.
Sources: JTSQUR via FRED · Data through Jul 2026
Top Movers
Industries ranked by change in 3-month momentum over the past six months (acceleration).
Improving Fastest
Industry Breakdown: Employment Momentum
Of the 84 tracked industries, 47 are expanding and 36 are contracting based on 3-month annualized employment growth.
Momentum is measured as annualized log growth in employment over 3-month and 6-month windows. Acceleration compares the current 3-month pace to the pace six months ago. All data is seasonally adjusted.
| Industry | 3m Ann. | 6m Ann. | Acceleration | Signal | Employment |
|---|---|---|---|---|---|
Tech (Composite)Composite | +0.7% | +0.8% | +0.5% | Expanding | 9.27M |
Communications Equipment Mfg | +5.3% | +6.3% | +7.3% | Expanding | 83K |
Computer & Electronic Product Mfg | +2.2% | +1.9% | +3.1% | Expanding | 998K |
Electrical Equipment Mfg | +2.1% | +3.0% | -0.7% | Expanding | 439K |
Engineering Services | +1.9% | +2.2% | -1.2% | Expanding | 1.77M |
Technical Consulting Services | +1.5% | +1.6% | -0.9% | Expanding | 1.89M |
Data Processing & Hosting | +1.0% | -1.7% | +12.2% | Expanding | 464K |
Semiconductor & Electronic Components | +0.9% | +0.4% | +1.0% | Expanding | 370K |
Computer Systems Design | -0.5% | -0.7% | +0.4% | Contracting | 2.37M |
Publishing Industries | -3.3% | -1.9% | -2.5% | Contracting | 893K |
Source: Bureau of Labor Statistics Current Employment Statistics via FRED · Data through Jul 2026
Data Sources
- FRED: JTSLDR(JOLTS survey, seasonally adjusted)
- FRED: JTSJOL(JOLTS survey, seasonally adjusted)
- FRED: JTSQUR(JOLTS survey, seasonally adjusted)
- BLS Current Employment Statistics: CES(Seasonally adjusted, all employees)