Job openings up slightly in May
Job openings climbed 0.83 percent since April, and they're up 9.66 percent from May 2010
Yesterday, 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 slightly rising 0.83% since April and climbing 9.66% above the level seen in May 2010 while private non-farm job “hires” increased 1.71% from April and 5.09% above the level seen in May 2010.
Job “layoffs and discharges” jumped a whopping 13.21% from April increasing 0.18% above the level seen last year while quitting activity increased 6.60% from April and 4.39% above the level seen in May 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).
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