The State Of US Job Market Efficiency In One Super-Squiggly Chart

While the party continues over the June jobs report, the BLS released another important economic barometer today, the Job Openings and labour Market Survey (JOLTS).

This chart from the report plots the “Beveridge Curve,” the job openings rate against the unemployment rate.

“The position of the curve is determined by the efficiency of the labour market. For example, a greater mismatch between available jobs and the unemployed in terms of skills or location would cause the curve to shift outward, up and toward the right,” the BLS writes.

What we see is that during the most recent curve, the points moved lower and further to the right as job openings declined and the unemployment rate spiked during the hard times. But from 2010 until now, we’ve seen just the opposite. The points on the curve move up and to the left as job openings upstage unemployment. 

JOLTS beveridge curve

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