Job openings and hires decline in July(Read article summary)
Job openings declined 2.06 percent since June, climbing 7.65 percent above the level seen a year ago, according to the latest data from the Bureau of Labor Statistics. Job hires declined 1.68 percent from June but rose 1.73 percent above the level seen in July 2011.
Today, the Bureau of Labor Statistics released their latest monthly read of job availability and labor turnover (JOLT) showing that private non-farm job “openings” declined 2.06% since June climbing 7.65% above the level seen in July 2011 while private non-farm job “hires” declined 1.68% from June but rose 1.73% above the level seen in July 2011.
Job “layoffs and discharges” 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’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).