Job openings down 5.06 percent in July
Today, the Bureau of Labor Statistics released theirof job availability and labor turnover (JOLT) showing that private non-farm job 鈥渙penings鈥� declined 5.06% since June but remained 2.27% above the level seen in July 2012 while private non-farm job 鈥渉ires鈥� rose 2.40% from June remaining 3.61% above the level seen in July 2012.
Job 鈥渓ayoffs and discharges鈥� declined 5.19% from June falling 3.85% below the level seen last year while quitting activity increased 3.64% from June remaining 5.16% above the level seen in July 2012.聽
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).
