The Bureau of Labor Statistic’s Job Opening and Labor Turnover survey (JOLTS) attempts to measure US labor market dynamics on a monthly basis. The JOLTS survey estimates both the flow of employment into business establishments (hires) and the flow of employment out of business establishments (separations). In theory, it is assumed that the levels of these two types of flow should relate directly and proportionately to the trend in the overall employment level. A number of factors prevent the employment trend and the net flow of hires and separations from equilibrating on a monthly basis. However, it is expected in theory that over time this equilibration should eventually occur.