And it explains a lot about why jobless claims have been so low over the last ten years since the labor market finally bottomed out; that attention to liquidity risk and therefore the cost structure has never gone away. Layoffs have been minimal for years because businesses never hired that many back. Job growth has likewise been almost non-existent (2mm payrolls per year is pitiful) precluding the need for large numbers of layoffs and employee turnover in the post-GFC1 era.