This is a very clear picture of the state of employment.
While this indicator did indeed turn up (making a higher low in December 2009), the indicator has done little but flatline since April 2010, a full 6 months... it has to rise by another 500,000 just to get to the August 2003 low.
Note that layoffs and discharges did revert to the mean plus an overshoot which should be expected. The number of quits is nowhere near its trendline.
