U.S. employers hired 6.2 million people in December, according to Bureau of Labor Statistics data.

That same month, employers laid off 1.5 million.

That’s right. Despite the many news headlines about layoffs at high-profile companies, there are many more people getting hired.1

[For more on why news is the way it is, read: Beware alarming business stories that get a lot of news coverage 🗞️]

In fact, the ratio of hires to layoffs is actually above the pre-pandemic trend.

All this makes sense if you understand that companies cut hundreds of thousands — and sometimes millions — of jobs per month even during boom times for the economy.