MTS Insights

* Composite only

The monthly HPW Index rose slightly to 0.15 in June from a revised value of 0.09 in May, driven by a modest increase in the quits rate from 2.19 percent to 2.25 percent.

• The monthly index is consistent with a pace of ECI wage growth of .78 percent and annual wage growth of 3.15 percent, close to the pace of ECI growth in 2026:Q2 and over the past year.
• The quarterly index also showed an uptick, rising from –0.05 to 0.06, driven by recent modest increases in vacancies per effective searcher from Q1 to Q2.

LinkUp estimates that US nonfarm payroll employment increased by just 30,000 in July.

• LinkUp reports that there was a 10.1% MoM increase in new job listings and a 1.5% MoM rise in total job listings.
• The blended average of job listings growth was 5.8% MoM, the best since March 2026.