The monthly HPW Index ticked down to –0.08 in July from a revised value of 0.09 in June, driven by a decline in the quits rate from 2.2 percent to 2.1 percent and by a decrease in vacancies per effective searcher.

• The index value is consistent with a pace of ECI wage growth of .73 percent and annual wage growth of 2.91 percent, marginally lower than the pace of annual ECI growth in 2026:Q2 of 3.14 percent.