Number of Job Openings Drops by 1.335M, New Hires Drops by 616k, Net Employment Drops by 5.2M

The Job Openings Labour Turnover Survey (JOLTS) was released October 9 by the BLS, showing some dreadful numbers for August:

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The number of new hires fell from 4.645M to 4.029M, a drop of 616,000 jobs since August 2008.The drop in one month is 199,000. The BLS says that the hires level has declined by 1.6 million, or 28 percent, since the most recent peak in July 2006.

Job openings also fell, by 1.335M since August 2008 and by 21,000 in one month.

Net Change in Employment: Over the 12 months ending in August, hires totaled 50.9 million and separations totaled 56.1M, yielding a net employment loss of 5.2M.