Low Layoffs

Initial jobless claims, a proxy for layoffs, fell to 222,000 for the week ending 11/18/22. While that is up significantly from the lows of the spring and fall, the last time first-time claims were lower than they are now in November was 1969! Firms are clearly hoarding workers as they are so hard to find and train, and those who are laid off seem to find new work very quickly.

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