The stories about layoffs in media and tech are starting to make people freak out a bit over the health of the economy. But taking a step back, the high-level economic data isn’t so worrying.

The big picture: The job market is cooling, but it’s still pretty strong.

State of play: Stories about tens of thousands of workers at high-profile media and tech companies losing their jobs get attention but they’re not part of a bigger explosion in firings.

  • Context: Typically, there are around 1.5 million layoffs a month in the U.S. If you look at the government data in the chart above you can see that they’ve been trending slightly upward, but are still at historically low levels.
  • Almost all of those layoffs and firings did not get a big headline.