How Is the Labor Market?

National layoffs and discharges are running at 1.1% per month, placing them at the 21st 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.

There are +7618K job openings nationally, at the 87th 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.

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.

Of the 15 tracked industries, 6 are expanding and 9 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.