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” increased 6.75% since August climbing 23.01% above the level seen in September 2010 while private non-farm job “hires” increased 5.26% from August climbing 10.24% above the level seen in September 2010Job “layoffs and discharges” climbed 3.47% from August climbing 7.91% above the level seen last year while quitting activity increased 2.33% from August and 12.19% above the level seen in September 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).
