Still a Lack of Hiring, Not More Firing – Analyst Blog

When the Bureau of Labor Statistics (BLS) reported a gain of 290,000 jobs last Friday, it was a net number — the difference between the number of new jobs being created and the number of people losing their jobs. People lose there jobs in several different ways. They can be fired, laid-off, quit or retire. What the employment report does not show is the composition of that net number: how many new jobs, and how many people lost their jobs. That data is presented in the Job Opening and Labor Turnover Survey (or JOLTS ), which was released today, but with a one month lag. So the data in the graph below (from http://www.calculatedriskblog.com/ ) is for March, not April. What that data shows is that the problem is not a large number of people losing their jobs. The number of people losing or leaving their jobs is actually more than 25% below where it was in the spring of 2006, which supposedly was the height of the “Bush boom” (which was more of a firecracker than a real explosion). However, back then a much higher proportion of the people leaving their jobs were doing so voluntarily. Indeed, the number of people getting fired or laid off (gold line) is now at one of the lowest levels in the history of the survey (which unfortunately only goes back to 2001), after spiking …

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Still a Lack of Hiring, Not More Firing – Analyst Blog

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