The U.S. Hires Rate Was 3.2% in July 2026, Below Its 3.7% Average Since 2000
The Fact
The Federal Reserve Bank of Richmond reported that the U.S. hires rate was 3.2% in July 2026, below its 3.7% average since 2000, while the layoffs rate was 1.0%, below its 1.4% average. Economists describe this as a 'low-hire, low-fire' labor market.
What This Means
People who have jobs are mostly keeping them, but people who are out of work face fewer openings being filled.
Why It Matters
In a low-hire market, the hardest place to be is on the outside looking in.
Sources
Federal Reserve Bank of Richmond. “Visualizing the Low-Hire, Low-Fire Labor Market,” Sept. 22, 2026. https://www.richmondfed.org/research/national_economy/macro_minute/2026/visualizing_low-hire_low-fire_labor_market
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