The optimistic view: labor market is strong, jobs are easy to find, so workers are not worried. The more worrisome view: job finding rates are down and the current laid-off workers are those with the worst job prospects and think jobs aren't easy to find.

Now to the interesting stuff: share of layoffs into non-participation is at an all-time high, what does that mean?

Job finding rates decline from both unemployment and non-participation

Quits continue their decline from the previous month despite stable layoff rates

Employment to Unemployment flows decline while layoffs remain stable suggesting an increase layoffs into non-participation

#QLmonthly updated with March data. Declining job finding rates and quits signal a weaker labor market. This month we explore why the share of laid-off workers exiting the labor force is at an all-time high.

Data update: Our data now additionally includes the share of layoffs and quits into non-participation!.

Labor market shows signs of resilience after recent softening

Quit and Layoff data for September is online now: