Given the rise in job vacancies, hiring may be poised to pick up, but the failure of hiring to rise with vacancies could also indicate that firms perceive the prospects for economic growth as still insufficient to justify adding to payrolls. Alternatively, subdued hiring could indicate that firms are encountering difficulties in finding qualified job applicants.
As is true of the other indicators I  Institute at the University of California, Los Angeles). On the cyclicality of college enrollment, see Andrew Barr and Sarah Turner (2013), “Down and Enrolled: An Examination of the Enrollment Response to Cyclical Trends and Job Loss (PDF)”, paper presented at the PERC Applied Microeconomics workshop, held at Texas A&M University, College Station, Texas, March 20.