Job openings and labor turnover up in July
Private non-farm job "openings" increased 2.29 percent since June
This chart shows the number of private nonfarm job openings between 2005 and 2011. Openings have been increasing slowly over the past two years, after hitting a low in 2009.
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Yesterday, the Bureau of Labor Statistics released their latest monthly read of job availability and labor turnover (JOLT) showing that private non-farm job “openings” increased 2.29% since June climbing 15.26% above the level seen in July 2010 while private non-farm job “hires” declined 2.03% from June remaining 1.92% above the level seen in July 2010.
Job “layoffs and discharges” declined 3.65% from June falling 6.82% below the level seen last year while quitting activity increased 2.02% from June and 8.91% above the level seen in July 2010.
It’s important to understand that job “quits” are included as a component of the “separations” data series as “quitting” is a valid means of workers “separating” from employers but their inclusion tends to create an overall procyclical trend in what would otherwise be logically thought of as a countercyclical process (i.e. downturn leads to increase in separations not decrease).