Tuesday, January 11, 2011

JOLTS and the Jobless Recovery, Decade Edition

Oftentimes the reporting for the BLS JOLTS data (Job Openings and Labor Turnover Survey) focuses on job openings, but I personally don’t find a job opening compelling if it doesn’t translate into an actual hire, from an economic standpoint. 
They compile both, as well as providing separations data.  I decided to do a quick bump up of these numbers to get a net job creation number (simply take hires and subtract separations).  The trending was not at all surprising, it mirrored the technical recession periods of 2001-2002 and 2008-2009.  What was surprising was the total net creation; specifically, per this data we’ve had a net negative job creation over the past decade of 1.76 million jobs.

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