nonfarm payroll

Two sets of labor statistics data, released this week, point to a divergence between the job-openings rate and the total number of employees on nonfarm payrolls. And that divergence may well serve as a leading indicator for the labor market as a whole.

The ADP private sector report showed a gain of 65,000 jobs, just under the 70,000 analysts expected. And the latest weekly unemployment claims showed a 10,000 drop, just under the estimate of 13,000. Numbers are going the right way, but slowly.

According to a survey by outplacement consultants Challenger Gray & Christmas, June saw corporate layoff announcements drop to the slowest pace in 15 months. During June, 74,393 people were laid off -- which was 33 percent lower than May's 111,182 layoffs and 9 percent less than a year ago....