Accessible version of figures

Figure 1. The Unemployment Rate

Source. Bureau of Labor Statistics, Congressional Budget Office.

Percent of labor force

Date	Unemployed Rate	Natural Rate of Unemployment*
2001Q1	4.2	5
2001Q2	4.4	5
2001Q3	4.8	5
2001Q4	5.5	5
2002Q1	5.7	5
2002Q2	5.8	5
2002Q3	5.7	5
2002Q4	5.8	5
2003Q1	5.9	5
2003Q2	6.2	5
2003Q3	6.1	5
2003Q4	5.8	5
2004Q1	5.7	5
2004Q2	5.6	5
2004Q3	5.4	5
2004Q4	5.4	5
2005Q1	5.3	5
2005Q2	5.1	5
2005Q3	5	5
2005Q4	5	5
2006Q1	4.7	5
2006Q2	4.7	5
2006Q3	4.6	5
2006Q4	4.5	5
2007Q1	4.5	5
2007Q2	4.5	5
2007Q3	4.7	5
2007Q4	4.8	5
2008Q1	5	5
2008Q2	5.3	5
2008Q3	6	5
2008Q4	6.9	5
2009Q1	8.3	5
2009Q2	9.3	5.05
2009Q3	9.6	5.08
2009Q4	9.9	5.11
2010Q1	9.8	5.15
2010Q2	9.7	5.18
2010Q3	9.5	5.2
2010Q4	9.5	5.22
2011Q1	9	5.24
2011Q2	9.1	5.26
2011Q3	9	5.27
2011Q4	8.7	5.28
2012Q1	8.3	5.3
2012Q2	8.2	5.32
2012Q3	8	5.36
2012Q4	7.8	5.39
2013Q1	7.7	5.42
2013Q2	7.5	5.45
2013Q3	7.3	5.48
2013Q4	7	5.5
2014Q1	6.6	5.5
2014Q2	6.2	5.47
2014Q3	6.1	5.44
2014Q4	5.7	5.4
2015Q1	5.6	5.39

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Figure 2. The Beveridge Curve

Note. The JOLTS Job Openings rate is shown as total nonfarm job openings divided by the labor force.

Source. Bureau of Labor Statistics.

Date	Unemployment Rate	JOLTS Job Openings Rate
2001Q1	4.2	3.26
2001Q2	4.4	2.98
2001Q3	4.8	2.78
2001Q4	5.5	2.43
2002Q1	5.7	2.38
2002Q2	5.8	2.28
2002Q3	5.7	2.28
2002Q4	5.8	2.28
2003Q1	5.9	2.23
2003Q2	6.2	2.16
2003Q3	6.1	2.11
2003Q4	5.8	2.20
2004Q1	5.7	2.26
2004Q2	5.6	2.33
2004Q3	5.4	2.41
2004Q4	5.4	2.42
2005Q1	5.3	2.45
2005Q2	5.1	2.60
2005Q3	5	2.67
2005Q4	5	2.72
2006Q1	4.7	2.82
2006Q2	4.7	2.86
2006Q3	4.6	2.77
2006Q4	4.5	2.90
2007Q1	4.5	2.90
2007Q2	4.5	2.92
2007Q3	4.7	2.82
2007Q4	4.8	2.70
2008Q1	5	2.58
2008Q2	5.3	2.41
2008Q3	6	2.22
2008Q4	6.9	1.95
2009Q1	8.3	1.70
2009Q2	9.3	1.50
2009Q3	9.6	1.44
2009Q4	9.9	1.55
2010Q1	9.8	1.66
2010Q2	9.7	1.84
2010Q3	9.5	1.84
2010Q4	9.5	1.93
2011Q1	9	1.94
2011Q2	9.1	2.00
2011Q3	9	2.12
2011Q4	8.7	2.15
2012Q1	8.3	2.33
2012Q2	8.2	2.31
2012Q3	8	2.25
2012Q4	7.8	2.32
2013Q1	7.7	2.44
2013Q2	7.5	2.39
2013Q3	7.3	2.43
2013Q4	7	2.54
2014Q1	6.6	2.57
2014Q2	6.2	2.85
2014Q3	6.1	2.95
2014Q4	5.7	3.05
2015Q1	5.6	3.08

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Figure 3. The Labor Share

Note. Nonfinancial Corporate Sector. Calculated as compensation divided by gross value added less taxes on production and imports.

Source. Bureau of Economic Analysis.

The average from 1947-2001 is .696. The average from 2010-2014 is .629.

Date	Share
1947Q1	0.724
1947Q2	0.704
1947Q3	0.706
1947Q4	0.705
1948Q1	0.689
1948Q2	0.681
1948Q3	0.689
1948Q4	0.682
1949Q1	0.685
1949Q2	0.692
1949Q3	0.681
1949Q4	0.696
1950Q1	0.685
1950Q2	0.676
1950Q3	0.668
1950Q4	0.662
1951Q1	0.673
1951Q2	0.679
1951Q3	0.678
1951Q4	0.677
1952Q1	0.690
1952Q2	0.698
1952Q3	0.702
1952Q4	0.696
1953Q1	0.695
1953Q2	0.701
1953Q3	0.705
1953Q4	0.731
1954Q1	0.717
1954Q2	0.709
1954Q3	0.700
1954Q4	0.692
1955Q1	0.678
1955Q2	0.680
1955Q3	0.684
1955Q4	0.684
1956Q1	0.694
1956Q2	0.696
1956Q3	0.698
1956Q4	0.699
1957Q1	0.695
1957Q2	0.699
1957Q3	0.702
1957Q4	0.709
1958Q1	0.720
1958Q2	0.712
1958Q3	0.702
1958Q4	0.690
1959Q1	0.687
1959Q2	0.681
1959Q3	0.696
1959Q4	0.699
1960Q1	0.695
1960Q2	0.707
1960Q3	0.707
1960Q4	0.712
1961Q1	0.714
1961Q2	0.704
1961Q3	0.700
1961Q4	0.692
1962Q1	0.694
1962Q2	0.698
1962Q3	0.695
1962Q4	0.691
1963Q1	0.691
1963Q2	0.686
1963Q3	0.685
1963Q4	0.684
1964Q1	0.680
1964Q2	0.682
1964Q3	0.683
1964Q4	0.686
1965Q1	0.674
1965Q2	0.673
1965Q3	0.674
1965Q4	0.671
1966Q1	0.669
1966Q2	0.675
1966Q3	0.681
1966Q4	0.681
1967Q1	0.686
1967Q2	0.687
1967Q3	0.689
1967Q4	0.686
1968Q1	0.690
1968Q2	0.688
1968Q3	0.690
1968Q4	0.690
1969Q1	0.696
1969Q2	0.702
1969Q3	0.708
1969Q4	0.717
1970Q1	0.726
1970Q2	0.719
1970Q3	0.720
1970Q4	0.724
1971Q1	0.710
1971Q2	0.711
1971Q3	0.710
1971Q4	0.707
1972Q1	0.709
1972Q2	0.710
1972Q3	0.706
1972Q4	0.703
1973Q1	0.704
1973Q2	0.710
1973Q3	0.711
1973Q4	0.710
1974Q1	0.716
1974Q2	0.717
1974Q3	0.721
1974Q4	0.720
1975Q1	0.713
1975Q2	0.699
1975Q3	0.686
1975Q4	0.686
1976Q1	0.683
1976Q2	0.689
1976Q3	0.691
1976Q4	0.695
1977Q1	0.694
1977Q2	0.686
1977Q3	0.681
1977Q4	0.687
1978Q1	0.699
1978Q2	0.687
1978Q3	0.689
1978Q4	0.688
1979Q1	0.697
1979Q2	0.700
1979Q3	0.705
1979Q4	0.708
1980Q1	0.709
1980Q2	0.718
1980Q3	0.710
1980Q4	0.701
1981Q1	0.698
1981Q2	0.697
1981Q3	0.689
1981Q4	0.694
1982Q1	0.697
1982Q2	0.692
1982Q3	0.693
1982Q4	0.699
1983Q1	0.695
1983Q2	0.689
1983Q3	0.685
1983Q4	0.684
1984Q1	0.677
1984Q2	0.679
1984Q3	0.683
1984Q4	0.682
1985Q1	0.684
1985Q2	0.686
1985Q3	0.682
1985Q4	0.691
1986Q1	0.692
1986Q2	0.697
1986Q3	0.701
1986Q4	0.702
1987Q1	0.700
1987Q2	0.695
1987Q3	0.691
1987Q4	0.695
1988Q1	0.691
1988Q2	0.693
1988Q3	0.693
1988Q4	0.688
1989Q1	0.695
1989Q2	0.696
1989Q3	0.697
1989Q4	0.703
1990Q1	0.701
1990Q2	0.700
1990Q3	0.706
1990Q4	0.706
1991Q1	0.699
1991Q2	0.701
1991Q3	0.704
1991Q4	0.708
1992Q1	0.710
1992Q2	0.712
1992Q3	0.715
1992Q4	0.711
1993Q1	0.711
1993Q2	0.707
1993Q3	0.707
1993Q4	0.700
1994Q1	0.697
1994Q2	0.695
1994Q3	0.691
1994Q4	0.686
1995Q1	0.690
1995Q2	0.688
1995Q3	0.682
1995Q4	0.682
1996Q1	0.679
1996Q2	0.680
1996Q3	0.681
1996Q4	0.679
1997Q1	0.679
1997Q2	0.679
1997Q3	0.675
1997Q4	0.681
1998Q1	0.691
1998Q2	0.692
1998Q3	0.690
1998Q4	0.695
1999Q1	0.695
1999Q2	0.694
1999Q3	0.699
1999Q4	0.702
2000Q1	0.707
2000Q2	0.706
2000Q3	0.711
2000Q4	0.717
2001Q1	0.722
2001Q2	0.710
2001Q3	0.706
2001Q4	0.714
2002Q1	0.702
2002Q2	0.702
2002Q3	0.700
2002Q4	0.693
2003Q1	0.690
2003Q2	0.688
2003Q3	0.686
2003Q4	0.686
2004Q1	0.678
2004Q2	0.675
2004Q3	0.673
2004Q4	0.674
2005Q1	0.665
2005Q2	0.658
2005Q3	0.664
2005Q4	0.651
2006Q1	0.651
2006Q2	0.650
2006Q3	0.640
2006Q4	0.649
2007Q1	0.654
2007Q2	0.649
2007Q3	0.659
2007Q4	0.659
2008Q1	0.664
2008Q2	0.661
2008Q3	0.648
2008Q4	0.659
2009Q1	0.654
2009Q2	0.660
2009Q3	0.657
2009Q4	0.644
2010Q1	0.633
2010Q2	0.633
2010Q3	0.625
2010Q4	0.629
2011Q1	0.642
2011Q2	0.630
2011Q3	0.628
2011Q4	0.622
2012Q1	0.627
2012Q2	0.623
2012Q3	0.625
2012Q4	0.628
2013Q1	0.628
2013Q2	0.626
2013Q3	0.627
2013Q4	0.628
2014Q1	0.639
2014Q2	0.630
2014Q3	0.629
2014Q4	0.629

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Figure 5. Changes in Industry-level Labor Share versus Changes in V-U Ratios, 2001-2014

Source. Bureau of Labor Statistics and Bureau of Economic Analysis.

Industry	Abbreviation	Change in Labor Share	Change in V/U (log)	Fitted Line
Construction	con	-2.21	-0.602	-0.331
Durable goods manufacturing	dur	-13.62	0.165	0.188
Education and health services	ed	1.25	-0.650	-0.488
Financial activities	fire	-1.79	-0.350	-0.350
Information	info	-12.12	-0.035	0.120
Leisure and hospitality	leis	-0.74	-0.207	-0.398
Natural resources and mining	nat	-9.21	-0.144	-0.013
Nondurable goods manufacturing	nondur	-11.79	0.113	0.104
Other services	oth	4.70	-0.860	-0.645
Professional and business services	prof	-1.04	-0.133	-0.384
Retail trade	retail	-3.98	-0.238	-0.251
Transportation, warehousing, and utilities	tran	-6.65	-0.186	-0.129
Wholesale trade	whole	-6.38	0.075	-0.142

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Figure 6. Changes in State-level Labor Share versus Change in V-U Ratios, 2005-2012

Source. Conference Board, Bureau of Labor Statistics and Bureau of Economic Analysis.

Change in Labor Share (ppt.)	Change in V/U (log)	Fitted Line
-1.628	-0.391	-0.104
-3.426	-0.071	0.095
-0.069	-0.494	-0.276
-1.593	0.313	-0.107
-0.218	-0.668	-0.259
-0.186	-0.289	-0.263
-0.171	-0.452	-0.264
-1.274	-0.291	-0.143
0.587	-0.011	-0.348
0.502	-0.936	-0.339
0.629	-0.307	-0.353
-0.242	-0.317	-0.256
-1.949	-0.400	-0.068
-0.712	-0.241	-0.205
-3.931	0.208	0.151
-0.540	0.349	-0.224
-2.883	0.339	0.035
-1.742	0.189	-0.091
1.761	0.499	-0.477
0.488	0.272	-0.337
-1.276	-0.061	-0.142
0.370	-0.270	-0.324
-1.184	0.547	-0.153
-0.950	0.315	-0.178
-1.646	0.340	-0.102
-1.261	0.366	-0.144
-1.953	-0.406	-0.068
-5.362	0.461	0.308
-1.522	-0.945	-0.115
0.079	-0.142	-0.292
-2.028	-0.552	-0.059
1.330	-0.163	-0.430
-0.212	-0.242	-0.260
-1.388	-0.045	-0.130
-3.896	0.658	0.147
-1.738	0.393	-0.091
-0.070	0.904	-0.275
-8.097	-0.307	0.610
-1.151	-0.043	-0.156
0.313	-1.006	-0.318
-1.100	-0.118	-0.162
-1.893	0.291	-0.074
-0.979	0.095	-0.175
-2.503	0.227	-0.007
-2.567	-0.420	0.000
-0.607	0.109	-0.216
-0.635	-0.372	-0.213
-0.487	-0.074	-0.229
-1.028	0.098	-0.170
-1.096	-0.061	-0.162
-1.103	-0.384	-0.161

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Figure 7. Evolution of Labor Market Equilibrium

Note. The JOLTS Job Openings rate is shown as total nonfarm job openings divided by the labor force.

Source. Bureau of Labor Statistics.

Date	Unemployment Rate	JOLT Job Openings Rate	JC	BC	JC'	BC'
2001Q1	4.2	3.3	NA	NA	NA	NA
2001Q2	3.5	3.0	1.8	3.8	2.5	5.0
2001Q3	3.6	2.8	1.9	3.6	2.6	4.8
2001Q4	3.7	2.4	2.0	3.5	2.7	4.7
2002Q1	3.9	2.4	2.0	3.4	2.7	4.5
2002Q2	4.0	2.3	2.1	3.3	2.8	4.4
2002Q3	4.1	2.3	2.2	3.2	2.9	4.3
2002Q4	4.2	2.3	2.2	3.1	3.0	4.1
2003Q1	4.3	2.2	2.3	3.0	3.1	4.0
2003Q2	4.4	2.2	2.3	3.0	3.2	3.9
2003Q3	4.6	2.1	2.4	2.9	3.2	3.8
2003Q4	4.7	2.2	2.5	2.8	3.3	3.7
2004Q1	4.8	2.3	2.5	2.7	3.4	3.6
2004Q2	4.9	2.3	2.6	2.7	3.5	3.5
2004Q3	5.0	2.4	2.7	2.6	3.6	3.4
2004Q4	5.2	2.4	2.7	2.6	3.7	3.4
2005Q1	5.3	2.4	2.8	2.5	3.7	3.3
2005Q2	5.4	2.6	2.8	2.4	3.8	3.2
2005Q3	5.5	2.7	2.9	2.4	3.9	3.1
2005Q4	5.6	2.7	3.0	2.3	4.0	3.1
2006Q1	5.7	2.8	3.0	2.3	4.1	3.0
2006Q2	5.9	2.9	3.1	2.2	4.2	3.0
2006Q3	6.0	2.8	3.2	2.2	4.3	2.9
2006Q4	6.1	2.9	3.2	2.2	4.3	2.8
2007Q1	6.2	2.9	3.3	2.1	4.4	2.8
2007Q2	6.3	2.9	3.3	2.1	4.5	2.7
2007Q3	6.5	2.8	3.4	2.0	4.6	2.7
2007Q4	6.6	2.7	3.5	2.0	4.7	2.6
2008Q1	6.7	2.6	3.5	2.0	4.8	2.6
2008Q2	6.8	2.4	3.6	1.9	4.8	2.5
2008Q3	6.9	2.2	3.6	1.9	4.9	2.5
2008Q4	7.0	2.0	3.7	1.9	5.0	2.5
2009Q1	7.2	1.7	3.8	1.8	5.1	2.4
2009Q2	7.3	1.5	3.8	1.8	5.2	2.4
2009Q3	7.4	1.4	3.9	1.8	5.3	2.3
2009Q4	7.5	1.5	4.0	1.7	5.3	2.3
2010Q1	7.6	1.7	4.0	1.7	5.4	2.3
2010Q2	7.8	1.8	4.1	1.7	5.5	2.2
2010Q3	7.9	1.8	4.1	1.7	5.6	2.2
2010Q4	8.0	1.9	4.2	1.6	5.7	2.2
2011Q1	8.1	1.9	4.3	1.6	5.8	2.1
2011Q2	8.2	2.0	4.3	1.6	5.8	2.1
2011Q3	8.3	2.1	4.4	1.6	5.9	2.1
2011Q4	8.5	2.2	4.5	1.5	6.0	2.0
2012Q1	8.6	2.3	4.5	1.5	6.1	2.0
2012Q2	8.7	2.3	4.6	1.5	6.2	2.0
2012Q3	8.8	2.3	4.6	1.5	6.3	2.0
2012Q4	8.9	2.3	4.7	1.5	6.4	1.9
2013Q1	9.1	2.4	4.8	1.4	6.4	1.9
2013Q2	9.2	2.4	4.8	1.4	6.5	1.9
2013Q3	9.3	2.4	4.9	1.4	6.6	1.9
2013Q4	9.4	2.5	5.0	1.4	6.7	1.8
2014Q1	9.5	2.6	5.0	1.4	6.8	1.8
2014Q2	9.6	2.9	5.1	1.4	6.9	1.8
2014Q3	9.8	2.9	5.1	1.3	6.9	1.8
2014Q4	9.9	3.1	5.2	1.3	7.0	1.7
2015Q1	10.0	3.1	5.3	1.3	7.1	1.7

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