by: Jose Mustre-del-Rio, Jordan Rappaport and Shu-Kuei X. Yang
Labor market tightness, as measured by the ratio of job openings to unemployed persons, has declined considerably from its peak in early 2022 and is near its pre-pandemic level.

Note: Data series extends through January 2024.

Sources: U.S. Bureau of Labor Statistics (Haver Analytics) and authors’ calculations.

A closely monitored measure of labor market tightness is the ratio of job openings to unemployed persons, or the V/U ratio. As shown in the chart, after rising sharply during the pandemic, the V/U ratio has declined considerably from its peak in early 2022. Currently, the V/U ratio has been oscillating around 1.4 (implying 1.4 job openings per unemployed worker), above but not far from its pre-pandemic level of 1.2 (represented by the dashed line).

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Authors

Jose Mustre-del-Rio

Research and Policy Officer

Jose Mustre-del-Rio is research and policy officer in the Research Division. He has responsibility for working with a team of economists who conduct research on macroeconomics an…

Jordan Rappaport

Senior Economist

Jordan Rappaport is a senior economist at the Federal Reserve Bank of Kansas City. He joined the Bank in 1999 following completing his Ph.D. in economics at Harvard University. J…