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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Data File. (Updated through August 2024)

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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…