Layoffs and Discharges Rate Still At Historic Lows

Although on the rise since early 2022, the proportion of layoffs and discharges of those employed is still below pre-pandemic averages.

Data is three-month moving average of seasonally adjusted non-farm layoffs and discharges. Recession dates as defined by the NBER are shaded. March and April 2020 data excluded due to extreme outlier values.
Chart: Adrian Nesta Source: BLS Job Openings and Labor Turnover Survey
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