Everyday, Gallup asks people whether their employer is contracting the size of its workforce or expanding, letting folks go or hiring. They subtract the percentage who report contraction from those who report expansion. For instance, in early June 37% of respondents reported expansion and 15% reported contraction for a net score of 22%.
During the last month, the average has been nearly 23%, which brings us to a 5 year high. (Even January of this year the 3-day moving average dipped as low as 11%.)
If there is any consolation, though, it is that it's better to be moving slowly in the right direction than rapidly in the wrong direction. Or, in contrast to Europe, to be moving at all.