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 October 2024)
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