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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 5.74% since August but remained 11.19% above the level seen in September 2009 while job “hires” increased 1.34% since August rising 2.87% above the level seen in September 2009 and job “layoffs and discharges” dropped 2.09% since August and dropping 24.23% below the level seen last year.
Job “openings” (click chart below for larger version), the reports most leading “demand side” indicator, clearly appears to be in the process of defining a bottom vacillating monthly between gain and loss but trending above the low levels seen during early 2009.
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_ukJlD1E0nT69TsMFKU48yijrEJSRM0VHy2yZbe0CAmRXQOk4WB9Xqjszqxe-5bUQ1oYk7l3NHJoI8BSOj9x8z7pPvxjdPWQjcRR8NlHYtQqxTK-Wt6y6fL-gQxjbBK2DHtG1E7TcxbjiaRYSVCDe0Nnw=s0-d)
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tEo6ElFNWmY8Krhe3YedUlOsKWdV42FN8PLKd5JMtMnsPkJG4PaAvgj6LYToi48Thls73zN4feQS_nKG2KDc-qEa-oVZQ4_qmiFMNmMSozulL3b1yOzL45cZXLLl76jw_fZdfsDL3V8kWgpX7YvboIdB8=s0-d)
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tLWjYXUWEnRUorbIYH3fjXLWP0SyjeX5bdkC82D76yqkmZ0_W0_bqXywmT6wXtuBbUYQxjuckwrdUeSleKI6Zlt_jjW81YEOCVyIFqQTRsrnA3kAg9hX2vyeX4MyKAnikAtxUiOSvDZrHDAXhfYdppr0s=s0-d)
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).
![](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tZv3VoC_D6UVaU4hmUdfyo5ABjNYSf609-dcEaLLgR1zmdzhZnED8wvj9uwwVp1qcuyUQPv3Tz7J4hL_nTnD6wQH0vc_oug4PmNSL3FnZ1r6lM21IwEiUXkENvkTBLfs-ilvipee23xYycvN4G8Cm07g=s0-d)
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