Key Points:
The U.S. labor market is dynamic, shedding and gaining millions of jobs each month.
- In Q3’24, workers saw 1.7 million involuntary separations – somewhat less than 2019’s 1.8 million average.
- Despite favorable performance with respect to layoffs and discharges, the rate of hiring is around its lowest level since 2013 (excluding April 2020).
- Should layoffs increase, job losses would likely translate to unemployment relatively quickly in this slow-hiring environment.
Hiring Rate
Layoff/Discharge Rate
While the headline unemployment rate remains slightly below its recent July peak, the U1 rate (i.e. 15+ week unemployment rate) has risen each month since April.
Labor Market Indicators
