Job openings down 5.06 percent in July

The latest read of job openings and labor turnover (JOLT) from the BLS showed that job openings dropped 5.06 percent in June but remained 2.27 percent above the level seen in July 2012. 

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    This chart shows the monthly and annual change in nonfarm job openings over the past decade. Job openings dropped 5.06 percent in July, but hires rose 2.4 percent.
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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 5.06% since June but remained 2.27% above the level seen in July 2012 while private non-farm job “hires” rose 2.40% from June remaining 3.61% above the level seen in July 2012.

Job “layoffs and discharges” declined 5.19% from June falling 3.85% below the level seen last year while quitting activity increased 3.64% from June remaining 5.16% above the level seen in July 2012. 

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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