Behind the Markets Podcast · Friday, August 7, 2026
The 12-month average of US payroll increases is now around 23,000 per month. This figure is considered the 'new normal' and aligns with the economy's labor supply capacity.
“Uh, the the new normal increase of uh employment on uh payroll employment on uh on a on a monthly basis was often thought of as 20 to 40,000.”
“Well, actually we had some big jumps.”
“This year, when when you do 12 month, we're at 23,000.”