Here’s a picture out today from the BLS on the number of unemployed persons per job opening. Used to be seven; now it’s around four. If you think of the job search as musical chairs, there are a few more chairs out on the floor for when the music stops.*
But still not enough–as you can see, it was one-for-one back in late 2000–now there was a tight labor market…
Source: BLS JOLTS Survey
*It was my old friend and former EPI colleague Jeff Wenger whom I first heard make this analogy with these data…Jeff, you out there somewhere?