JOLTS Jolts Jobs Report Cheerleaders, Implies Worst Job Growth Since September 2010

Submitted by Tyler Durden on 05/07/2013 - 12:49

The biggest surprise from the JOLTS report is not in any of the standalone series, but in the time progression of the Net Turnovers number, which is simply the total new hires less total separations. Historically, the Net Turnover number tracks the total monthly nonfarm payroll change (establishment survey) on a almost tick for tick basis. Not this time. In fact as the chart below showed, the upward revised March NFP number to 138K, which preceded the even more optimistic, and much cheered April print of 165K, which sent the S&P and the DJIA soaring to new all time highs on Friday, not only did not get a confirmation, but in fact the JOLTS survey implied that the real NFP number in March should have tumbled to a level last seen in September of 2010!