Job openings and hires decline in July
Today, the Bureau of Labor Statistics released their latest monthly of job availability and labor turnover (JOLT) showing that private non-farm job 鈥渙penings鈥� declined 2.06% since June climbing 7.65% above the level seen in July 2011 while private non-farm job 鈥渉ires鈥� declined 1.68% from June but rose 1.73% above the level seen in July 2011.
Job 鈥渓ayoffs and discharges鈥� declined 12.15% from June falling 7.15% below the level seen last year while quitting activity rose 1.50% from June climbing 7.87% above the level seen in July 2011.
It鈥檚 important to understand that job 鈥渜uits鈥� are included as a component of the 鈥渟eparations鈥� data series as 鈥渜uitting鈥� is a valid means of workers 鈥渟eparating鈥� 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).
