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Headlines Overstate Labor Softening
Large layoffs by individual tech companies have garnered significant headlines lately. However, these tend to overstate the weakness being seen in the overall economy.
Relative to the entire economy, the major headlines are extremely small, and the overall economy sees well over 1 million layoffs each month.
Over the first nine months of the year, the US has averaged 1.39M layoffs per month, which, if the year ends in a similar place, would be the lowest average since JOLTS data began in 2000.
Source: Helios Quantitative Research, Bloomberg