Layoff activity in the U.S. remains historically low.

According to Bureau of Labor Statistics (BLS) data released Tuesday, the layoff rate (i.e., layoffs as a percentage of total employment) stood at 0.9% in July, unchanged from its June level.1 It was the 17th straight month the rate was below its pre-pandemic lows.

This new data is consistent with an earlier BLS report that showed the unemployment rate was just 3.5% in July, matching a level last seen in 1969.

These robust labor market metrics come as U.S. economic activity continues to cool.