Labor MarketMonthly

SPY & Layoffs and Discharges

The total number of layoffs and discharges in the nonfarm sector, measuring involuntary separations initiated by employers.

SPY Price

$688.98

Layoffs & Discharges

Last Data: Nov 2025

Last Release: Jan 07, 2026

Next Release: Feb 03, 2026

1.69M

3-mo MA: 1.77M

What It Measures

Layoffs and discharges measures the monthly count of involuntary separations initiated by employers across the U.S. nonfarm economy. This includes: - Layoffs with no intent to rehire - Layoffs expected to last more than 7 days - Discharges from mergers, downsizing, or closings - Firings or other discharges for cause - Terminations of both permanent and short-term employees Data comes from the Job Openings and Labor Turnover Survey (JOLTS), which surveys approximately 21,000 business establishments.

Why It Matters

**Early Warning Signal**: Rising layoffs often precede recessions and broader economic weakness. **Corporate Health Indicator**: Spikes in layoffs signal corporate distress, cost-cutting, or industry restructuring. **Fed Watch**: The Federal Reserve monitors layoffs as part of their dual mandate for maximum employment. **Consumer Spending Impact**: Job losses directly reduce consumer spending, the largest component of GDP.

Key Levels

Below 1.5 million

Very tight labor market, employers holding onto workers

1.5-1.7 million

Healthy labor market, normal turnover

1.7-2.0 million

Moderate layoffs, some economic uncertainty

2.0-2.5 million

Elevated layoffs, potential weakness

Above 2.5 million

Significant labor market stress, recessionary signal

Data Sources

SPY: S&P 500 ETF daily OHLCV data (1993-02-02 to 2026-01-22)

Layoffs: JTSLDL - Layoffs and Discharges from U.S. Bureau of Labor Statistics

Units: Level in Thousands, Seasonally Adjusted, Monthly