Paper Economy - A US Real Estate Bubble Blog: Economic Jolt: Job Openings and Labor Turnover November 2011

Tuesday, January 10, 2012

Economic Jolt: Job Openings and Labor Turnover November 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 1.57% since October climbing 6.82% above the level seen in November 2010 while private non-farm job “hires” increased 2.11% from October and rose 5.37% above the level seen in November 2010

Job “layoffs and discharges” increased 5.68% from October falling 1.19% below the level seen last year while quitting activity increased 1.83% from October remaining 11.37% above the level seen in November 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).

Labels: economy, JOLT, labor turnover, unemployment

2 Comments:

I am anythibg but impressed with the recent jobs report it is really not anything to get very excited about. If you take a deeper look into the data you will find that much of the increase in employment was temporary employment during the last couple of months of the year. I believe that much of the current employment problems stem from a lack of real wealth creating companies. Untill the country gets away from all the jobs in the financial service sector. I believe that the unemployment situation will not improve. Jim Rogers has stated this in many of the interviews that he has given to the news media that the financial services sector is much to large. Jim Rogers also believes that the savings rate must be much higher if we are to sustain any high degree of economic growth. Many retailers can make more money loaning money to their customers at 20% interest than they can make selling product to their customers. What does that tell you about jobs.

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