US – Job Openings Outpace Hires writes Dallas Fed

Job Market Monitor

In addition to employment and unemployment figures, data on the efficiency of the labor market offer more clues to its health. One way to determine this is to examine the degree of labor mismatch occurring. The classic illustration demonstrating mismatch is the Beveridge curve, which shows an intuitive relationship between the rate of job vacancies and unemployment—a higher rate of unemployment usually occurs with a lower rate of vacancies, along with the reverse.

Capture d’écran 2014-09-22 à 09.05.59

The current recovery’s pattern has shown that for a given job vacancy rate, the unemployment rate is higher than what would have been the case prior to the recession (Chart 3), implying a less efficient labor market. This behavior is consistent with that of previous recovery periods, since Beveridge curves tend to follow a counterclockwise loop once a recession hits.[2] But recent data going back to February 2014 do show an atypically high unemployment rate for the…

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