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.

The HPW Index rose slightly from a revised value of -.07 in April to -.02 in May.

• The change was driven by modest increases in both quits and vacancies per effective searcher.
• The monthly index is consistent with a pace of ECI wage growth of .74 percent, slightly above wage growth in 2026:Q1. This pace is consistent with annual wage growth of 2.96 percent.

The HPW Index ticked down from a revised value of -0.03 in March to -0.14 in April.

• The fall in the index was driven by a lower quits rate, while vacancies per effective searcher increased slightly.
• The monthly index is consistent with a pace of ECI wage growth of 0.72 percent, which was exactly the growth in 2026Q1. This pace is consistent with annual wage growth of 2.91 percent.

The HPW Index ticked up from a revised value of -0.17 in February to -0.02 in March.

• The increase in the index was driven by a higher quits rate, while vacancies per effective searcher remained nearly unchanged.

The HPW Index fell from a revised value of zero (0.00) in January to -0.26 in February, driven by declines both in vacancies over effective searchers and in the quits rate.

• Looking back over the past six months (average HPW Index of -0.14), wage pressures are now similar to late 2015 levels.

The HPW Index fell slightly in January from -0.02 to -0.05; underlying this, vacancies increased (indicating a strengthening labor market) and the quits rate declined (indicating a weakening labor market).

• This index value slightly below zero continues to reflect labor market conditions that are nearly in balance after a steady deterioration over the past few years.

The HPW Index fell slightly in December to -0.07 from -0.00 as both the quits rate and vacancies per effective searcher ticked down.

• This index value of basically zero continues to reflect labor market conditions that are nearly in balance after a steady deterioration over the past years.