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Job openings and hires decline in July

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(Read caption) This chart shows data on private non-farm job openings since 2005 from the Bureau of Labor Statistics. Job openings declined 2.06 percent in July 2012, and job hires declined 1.68 percent in the same period.

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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.

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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).