Say Hello Again to a So-So Job Market
March 19, 2025
In mid-2024, the ratio of job openings to job seekers — which represents the balance of supply and demand in the U.S. labor market — returned to pre-COVID levels. While the easing of the labor market might disappoint workers hoping to land a new job, it could also be seen as a positive sign for consumer prices. A severe labor shortage that drove up wages was a strong source of inflationary pressure in 2022.
Number of unfilled job openings per unemployed worker
2015: About 0.7
2016: About 0.8
2017: About 0.9
2018: About 1.1
2019: About 1.2
2020: About 0.2
2021: About 1.1
2022: About 2.0
2023: About 1.4
2024: 1.1 in November of 2024
Source: U.S. Bureau of Labor Statistics, 2025 (seasonally adjusted data); numbers are mid-year estimated averages
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