Accessible Version

Accessible Version

Figure 1: Federal Funds Rate Path

Percent

Date Rate
1/3/2022 0.08
1/4/2022 0.08
1/5/2022 0.08
1/6/2022 0.08
1/7/2022 0.08
1/10/2022 0.08
1/11/2022 0.08
1/12/2022 0.08
1/13/2022 0.08
1/14/2022 0.08
1/17/2022 N/A
1/18/2022 0.08
1/19/2022 0.08
1/20/2022 0.08
1/21/2022 0.08
1/24/2022 0.08
1/25/2022 0.08
1/26/2022 0.08
1/27/2022 0.08
1/28/2022 0.08
1/31/2022 0.08
2/1/2022 0.08
2/2/2022 0.08
2/3/2022 0.08
2/4/2022 0.08
2/7/2022 0.08
2/8/2022 0.08
2/9/2022 0.08
2/10/2022 0.08
2/11/2022 0.08
2/14/2022 0.08
2/15/2022 0.08
2/16/2022 0.08
2/17/2022 0.08
2/18/2022 0.08
2/21/2022 N/A
2/22/2022 0.08
2/23/2022 0.08
2/24/2022 0.08
2/25/2022 0.08
2/28/2022 0.08
3/1/2022 0.08
3/2/2022 0.08
3/3/2022 0.08
3/4/2022 0.08
3/7/2022 0.08
3/8/2022 0.08
3/9/2022 0.08
3/10/2022 0.08
3/11/2022 0.08
3/14/2022 0.08
3/15/2022 0.08
3/16/2022 0.08
3/17/2022 0.33
3/18/2022 0.33
3/21/2022 0.33
3/22/2022 0.33
3/23/2022 0.33
3/24/2022 0.33
3/25/2022 0.33
3/28/2022 0.33
3/29/2022 0.33
3/30/2022 N/A
3/31/2022 0.33
4/1/2022 0.33
4/4/2022 0.33
4/5/2022 0.33
4/6/2022 0.33
4/7/2022 0.33
4/8/2022 0.33
4/11/2022 0.33
4/12/2022 0.33
4/13/2022 0.33
4/14/2022 0.33
4/15/2022 0.33
4/18/2022 0.33
4/19/2022 0.33
4/20/2022 0.33
4/21/2022 0.33
4/22/2022 0.33
4/25/2022 0.33
4/26/2022 0.33
4/27/2022 0.33
4/28/2022 0.33
4/29/2022 0.33
5/2/2022 0.33
5/3/2022 0.33
5/4/2022 0.33
5/5/2022 0.83
5/6/2022 0.83
5/9/2022 0.83
5/10/2022 0.83
5/11/2022 0.83
5/12/2022 0.83
5/13/2022 0.83
5/16/2022 0.83
5/17/2022 0.83
5/18/2022 0.83
5/18/2022 0.83
6/15/2022 1.43
7/27/2022 1.89
9/21/2022 2.29
11/2/2022 2.58
12/14/2022 2.83
12/24/2022 2.83

Note: The line's solid segments are historical policy rates and dashed segments are implied projections of the federal funds rate. Projections are not adjusted for risk premiums and assumes rate changes happen only at Federal Open Market Committee meeting dates.

Source: CME DataMine; Federal Reserve Board staff calculations.

Figure 2: Foreign Policy Rates

Percent

Date AFE (right axis) EFE (left axis)
12/15/2021 -0.08 3.33
12/16/2021 -0.07 3.47
12/17/2021 -0.07 3.47
12/18/2021 N/A 3.47
12/19/2021 N/A 3.47
12/20/2021 -0.07 3.49
12/21/2021 -0.07 3.49
12/22/2021 -0.07 3.49
12/23/2021 -0.07 3.49
12/24/2021 -0.07 3.49
12/25/2021 N/A 3.49
12/26/2021 N/A 3.49
12/27/2021 -0.07 3.49
12/28/2021 -0.07 3.49
12/29/2021 -0.07 3.49
12/30/2021 -0.07 3.49
12/31/2021 -0.07 3.49
1/1/2022 N/A 3.49
1/2/2022 N/A 3.49
1/3/2022 -0.07 3.49
1/4/2022 -0.07 3.49
1/5/2022 -0.07 3.49
1/6/2022 -0.07 3.49
1/7/2022 -0.07 3.49
1/8/2022 N/A 3.49
1/9/2022 N/A 3.49
1/10/2022 -0.07 3.49
1/11/2022 -0.07 3.49
1/12/2022 -0.07 3.44
1/13/2022 -0.07 3.44
1/14/2022 -0.07 3.46
1/15/2022 N/A 3.46
1/16/2022 N/A 3.46
1/17/2022 -0.07 3.46
1/18/2022 -0.07 3.46
1/19/2022 -0.07 3.46
1/20/2022 -0.07 3.46
1/21/2022 -0.07 3.46
1/22/2022 N/A 3.46
1/23/2022 N/A 3.46
1/24/2022 -0.07 3.46
1/25/2022 -0.07 3.46
1/26/2022 -0.07 3.48
1/27/2022 -0.07 3.48
1/28/2022 -0.07 3.49
1/29/2022 N/A 3.49
1/30/2022 N/A 3.49
1/31/2022 -0.07 3.49
2/1/2022 -0.07 3.49
2/2/2022 -0.07 3.55
2/3/2022 -0.04 3.55
2/4/2022 -0.04 3.55
2/5/2022 N/A 3.55
2/6/2022 N/A 3.55
2/7/2022 -0.04 3.55
2/8/2022 -0.04 3.55
2/9/2022 -0.04 3.55
2/10/2022 -0.04 3.69
2/11/2022 -0.04 3.69
2/12/2022 N/A 3.69
2/13/2022 N/A 3.69
2/14/2022 -0.04 3.70
2/15/2022 -0.04 3.70
2/16/2022 -0.04 3.70
2/17/2022 -0.04 3.70
2/18/2022 -0.04 3.70
2/19/2022 N/A 3.70
2/20/2022 N/A 3.70
2/21/2022 -0.04 3.70
2/22/2022 -0.04 3.70
2/23/2022 -0.04 3.70
2/24/2022 -0.04 3.70
2/25/2022 -0.04 3.70
2/26/2022 N/A 3.70
2/27/2022 N/A 3.70
2/28/2022 -0.04 3.80
3/1/2022 -0.04 3.80
3/2/2022 -0.04 3.80
3/3/2022 0.02 3.80
3/4/2022 0.02 3.77
3/5/2022 N/A 3.77
3/6/2022 N/A 3.77
3/7/2022 0.02 3.77
3/8/2022 0.02 3.77
3/9/2022 0.02 3.77
3/10/2022 0.02 3.77
3/11/2022 0.02 3.77
3/12/2022 N/A 3.77
3/13/2022 N/A 3.77
3/14/2022 0.02 3.77
3/15/2022 0.02 3.77
3/16/2022 0.02 3.81
3/17/2022 0.05 3.83
3/18/2022 0.05 3.83
3/19/2022 N/A 3.83
3/20/2022 N/A 3.83
3/21/2022 0.05 3.83
3/22/2022 0.05 3.83
3/23/2022 0.05 3.83
3/24/2022 0.05 3.97
3/25/2022 0.05 3.97
3/26/2022 N/A 3.97
3/27/2022 N/A 3.97
3/28/2022 0.05 3.97
3/29/2022 0.05 3.99
3/30/2022 0.05 3.99
3/31/2022 0.05 4.01
4/1/2022 0.05 4.01
4/2/2022 N/A 4.01
4/3/2022 N/A 4.01
4/4/2022 0.05 4.01
4/5/2022 0.05 4.01
4/6/2022 0.05 4.01
4/7/2022 0.05 4.01
4/8/2022 0.05 4.01
4/9/2022 N/A 4.01
4/10/2022 N/A 4.01
4/11/2022 0.05 3.98
4/12/2022 0.05 3.98
4/13/2022 0.05 3.98
4/14/2022 0.18 4.00
4/15/2022 0.18 4.00
4/16/2022 N/A 4.00
4/17/2022 N/A 4.00
4/18/2022 0.18 4.00
4/19/2022 0.18 4.00
4/20/2022 0.18 4.00
4/21/2022 0.18 4.00
4/22/2022 0.18 4.00
4/23/2022 N/A 4.00
4/24/2022 N/A 4.00
4/25/2022 0.18 4.00
4/26/2022 0.18 4.00
4/27/2022 0.18 4.00
4/28/2022 0.18 4.00
4/29/2022 0.18 4.01
4/30/2022 N/A 4.01
5/1/2022 N/A 4.01
5/2/2022 0.18 4.01
5/3/2022 0.19 4.01
5/4/2022 0.19 4.04
5/5/2022 0.22 4.07
5/6/2022 0.22 4.07
5/7/2022 N/A 4.07
5/8/2022 N/A 4.07
5/9/2022 0.22 4.07
5/10/2022 0.22 4.07
5/11/2022 0.22 4.08
5/12/2022 0.22 4.23
5/13/2022 0.22 4.23
5/14/2022 N/A 4.23
5/15/2022 N/A 4.23
5/16/2022 0.22 4.23
5/17/2022 0.22 4.23
5/18/2022 0.22 4.23
5/19/2022 0.22 4.23
5/20/2022 0.22 4.23
5/21/2022 N/A 4.23
5/22/2022 N/A 4.23
5/23/2022 0.22 4.23
5/24/2022 0.22 4.23
5/25/2022 0.22 4.23
5/26/2022 0.22 4.23
5/27/2022 0.22 4.23
5/28/2022 N/A 4.23
5/29/2022 N/A 4.23
5/30/2022 0.22 4.23
5/31/2022 0.22 4.23
6/1/2022 0.22 4.23
6/2/2022 0.22 4.23
6/3/2022 0.22 4.23
6/4/2022 N/A 4.23
6/5/2022 N/A 4.23
6/6/2022 0.22 4.23
6/7/2022 0.22 4.23
6/8/2022 0.22 4.23
6/9/2022 0.22 4.23
6/10/2022 0.22 4.23
6/11/2022 N/A 4.23
6/12/2022 N/A 4.23
6/13/2022 0.22 4.23
6/14/2022 0.22 4.23
6/15/2022 0.34 4.22
6/16/2022 0.34 4.22
6/17/2022 0.34 4.22
6/18/2022 N/A 4.22
6/19/2022 N/A 4.22
6/20/2022 0.34 4.22
6/21/2022 0.34 4.22
6/22/2022 0.34 4.22
6/23/2022 0.34 4.22
6/24/2022 0.34 4.22
6/25/2022 N/A 4.22
6/26/2022 N/A 4.22
6/27/2022 0.34 4.22
6/28/2022 0.34 4.22
6/29/2022 0.34 4.22
6/30/2022 0.34 4.22
7/1/2022 0.34 4.22
7/2/2022 N/A 4.22
7/3/2022 N/A 4.22
7/4/2022 0.34 4.22
7/5/2022 0.34 4.22
7/6/2022 0.34 4.22
7/7/2022 0.34 4.22
7/8/2022 0.34 4.22
7/9/2022 N/A 4.22
7/10/2022 N/A 4.22
7/11/2022 0.34 4.22
7/12/2022 0.34 4.22
7/13/2022 0.34 4.22
7/14/2022 0.34 4.22
7/15/2022 0.34 4.22
7/16/2022 N/A 4.22
7/17/2022 N/A 4.22
7/18/2022 0.34 4.22
7/19/2022 0.34 4.22
7/20/2022 0.34 4.22
7/21/2022 0.34 4.22
7/22/2022 0.34 4.22
7/23/2022 N/A 4.22
7/24/2022 N/A 4.22
7/25/2022 0.34 4.22
7/26/2022 0.34 4.22
7/27/2022 0.34 4.22
7/28/2022 0.34 4.22
7/29/2022 0.34 4.22
7/30/2022 N/A 4.22
7/31/2022 N/A 4.22
8/1/2022 0.34 4.22
8/2/2022 0.34 4.22
8/3/2022 0.34 4.22
8/4/2022 0.34 4.22
8/5/2022 0.34 4.22
8/6/2022 N/A 4.22
8/7/2022 N/A 4.22
8/8/2022 0.34 4.22
8/9/2022 0.34 4.22
8/10/2022 0.34 4.22
8/11/2022 0.34 4.22
8/12/2022 0.34 4.22
8/13/2022 N/A 4.22
8/14/2022 N/A 4.22
8/15/2022 0.72 4.62
8/16/2022 0.72 4.62
8/17/2022 0.72 4.62
8/18/2022 0.72 4.62
8/19/2022 0.72 4.62
8/20/2022 N/A 4.62
8/21/2022 N/A 4.62
8/22/2022 0.72 4.62
8/23/2022 0.72 4.62
8/24/2022 0.72 4.62
8/25/2022 0.72 4.62
8/26/2022 0.72 4.62
8/27/2022 N/A 4.62
8/28/2022 N/A 4.62
8/29/2022 0.72 4.62
8/30/2022 0.72 4.62
8/31/2022 0.72 4.62
9/1/2022 0.72 4.62
9/2/2022 0.72 4.62
9/3/2022 N/A 4.62
9/4/2022 N/A 4.62
9/5/2022 0.72 4.62
9/6/2022 0.72 4.62
9/7/2022 0.72 4.62
9/8/2022 0.72 4.62
9/9/2022 0.72 4.62
9/10/2022 N/A 4.62
9/11/2022 N/A 4.62
9/12/2022 0.72 4.62
9/13/2022 0.72 4.62
9/14/2022 0.72 4.62
9/15/2022 0.72 4.62
9/16/2022 0.72 4.62
9/17/2022 N/A 4.62
9/18/2022 N/A 4.62
9/19/2022 0.72 4.62
9/20/2022 0.72 4.62
9/21/2022 0.72 4.62
9/22/2022 0.72 4.62
9/23/2022 0.72 4.62
9/24/2022 N/A 4.62
9/25/2022 N/A 4.62
9/26/2022 0.72 4.62
9/27/2022 0.72 4.62
9/28/2022 0.72 4.62
9/29/2022 0.72 4.62
9/30/2022 0.72 4.62
10/1/2022 N/A 4.62
10/2/2022 N/A 4.62
10/3/2022 0.72 4.62
10/4/2022 0.72 4.62
10/5/2022 0.72 4.62
10/6/2022 0.72 4.62
10/7/2022 0.72 4.62
10/8/2022 N/A 4.62
10/9/2022 N/A 4.62
10/10/2022 0.72 4.62
10/11/2022 0.72 4.62
10/12/2022 0.72 4.62
10/13/2022 0.72 4.62
10/14/2022 0.72 4.62
10/15/2022 N/A 4.62
10/16/2022 N/A 4.62
10/17/2022 0.72 4.62
10/18/2022 0.72 4.62
10/19/2022 0.72 4.62
10/20/2022 0.72 4.62
10/21/2022 0.72 4.62
10/22/2022 N/A 4.62
10/23/2022 N/A 4.62
10/24/2022 0.72 4.62
10/25/2022 0.72 4.62
10/26/2022 0.72 4.62
10/27/2022 0.72 4.62
10/28/2022 0.72 4.62
10/29/2022 N/A 4.62
10/30/2022 N/A 4.62
10/31/2022 0.72 4.62
11/1/2022 0.72 4.62
11/2/2022 0.72 4.62
11/3/2022 0.72 4.62
11/4/2022 0.72 4.62
11/5/2022 N/A 4.62
11/6/2022 N/A 4.62
11/7/2022 0.72 4.62
11/8/2022 0.72 4.62
11/9/2022 0.72 4.62
11/10/2022 0.72 4.62
11/11/2022 0.72 4.62
11/12/2022 N/A 4.62
11/13/2022 N/A 4.62
11/14/2022 0.72 4.62
11/15/2022 1.13 5.19
11/16/2022 1.13 5.19
11/17/2022 1.13 5.19
11/18/2022 1.13 5.19
11/19/2022 N/A 5.19
11/20/2022 N/A 5.19
11/21/2022 1.13 5.19
11/22/2022 1.13 5.19
11/23/2022 1.13 5.19
11/24/2022 1.13 5.19
11/25/2022 1.13 5.19
11/26/2022 N/A 5.19
11/27/2022 N/A 5.19
11/28/2022 1.13 5.19
11/29/2022 1.13 5.19
11/30/2022 1.13 5.19
12/1/2022 1.13 5.19
12/2/2022 1.13 5.19
12/3/2022 N/A 5.19
12/4/2022 N/A 5.19
12/5/2022 1.13 5.19
12/6/2022 1.13 5.19
12/7/2022 1.13 5.19
12/8/2022 1.13 5.19
12/9/2022 1.13 5.19
12/10/2022 N/A 5.19
12/11/2022 N/A 5.19
12/12/2022 1.13 5.19
12/13/2022 1.13 5.19
12/14/2022 1.13 5.19
12/15/2022 1.13 5.19
12/16/2022 1.13 5.19
12/17/2022 N/A 5.19
12/18/2022 N/A 5.19
12/19/2022 1.13 5.19
12/20/2022 1.13 5.19
12/21/2022 1.13 5.19
12/22/2022 1.13 5.19
12/23/2022 1.13 5.19
12/24/2022 N/A 5.19
12/25/2022 N/A 5.19
12/26/2022 1.13 5.19
12/27/2022 1.13 5.19
12/28/2022 1.13 5.19
12/29/2022 1.13 5.19
12/30/2022 1.13 5.19

Note: The lines' solid segments are weighted averages of foreign countries' historical policy rates. The dashed segments are based on market-implied projections of future policy rates. AFE refers to the Advanced Foreign Economies aggregate and EME to the Emerging Market Economies aggregate. The aggregates are weighted using bilateral U.S. trade weights.

Source: Bloomberg.

Figure 3: Central Banks’ Securities Holdings

Billions of U.S. Dollars

Date European Central Bank (ECB) Bank of Canada (BOC) Bank of England (BOE) Bank of Japan (BOJ) Federal Reserve Board (FRB) Total
2019: Q1 -12.19 -1.51 -4.89 33.55 -109.52 -94.55
2019: Q2 -6.26 1.57 2.69 71.97 -125.34 -55.37
2019: Q3 -8.68 -1.01 -0.56 42.20 -68.04 -36.09
2019: Q4 37.37 -0.66 2.78 22.64 173.90 236.02
2020: Q1 112.98 1.04 -2.20 58.78 614.09 784.70
2020: Q2 493.52 136.34 150.11 270.10 1777.91 2827.98
2020: Q3 326.65 38.73 155.36 219.35 287.41 1027.49
2020: Q4 305.86 21.81 70.16 75.16 300.13 773.12
2021: Q1 290.16 28.26 54.81 -30.42 398.58 741.39
2021: Q2 355.19 10.59 62.19 -16.66 376.06 787.37
2021: Q3 328.73 14.20 39.05 -13.01 422.72 791.68
2021: Q4 274.78 8.57 63.41 -57.71 342.02 631.07
2022: Q1 197.59 -13.68 -37.41 103.60 207.52 457.61

Note: Net asset purchases are the quarterly change in the following asset categories: for the Bank of England (BOE), total assets minus assets held under term funding schemes; for the Bank of Canada (BOC), Government of Canada direct and guaranteed securities; for the European Central Bank (ECB), assets held in the Asset Purchase Programme and in the Pandemic Emergency Purchase Programme; for the Bank of Japan (BOJ), Japanese government securities, commercial paper, corporate bonds, index-linked exchange-traded equity funds, and real estate investment trusts; and for the Federal Reserve Board (FRB), treasury securities and mortgage-backed securities.

Source: Haver Analytics.

Figure 4: Vacancies and Unemployment

Rates

Date Vacancy rate Vacancy rate predicted Unemployment rate
Dec-00 3.55 3.79 3.93
Jan-01 3.64 3.60 4.19
Feb-01 3.55 3.57 4.24
Mar-01 3.31 3.55 4.27
Apr-01 3.21 3.48 4.37
May-01 3.09 3.50 4.34
Jun-01 3.04 3.39 4.52
Jul-01 3.10 3.35 4.58
Aug-01 2.81 3.17 4.91
Sep-01 2.83 3.15 4.96
Oct-01 2.57 2.97 5.34
Nov-01 2.62 2.88 5.55
Dec-01 2.55 2.81 5.72
Jan-02 2.57 2.82 5.69
Feb-02 2.38 2.82 5.68
Mar-02 2.50 2.80 5.75
Apr-02 2.40 2.72 5.94
May-02 2.39 2.78 5.79
Jun-02 2.36 2.78 5.80
Jul-02 2.33 2.78 5.79
Aug-02 2.43 2.81 5.73
Sep-02 2.27 2.83 5.67
Oct-02 2.39 2.81 5.72
Nov-02 2.42 2.75 5.87
Dec-02 2.18 2.72 5.96
Jan-03 2.36 2.76 5.84
Feb-03 2.21 2.74 5.90
Mar-03 2.12 2.75 5.88
Apr-03 2.12 2.69 6.04
May-03 2.25 2.66 6.11
Jun-03 2.31 2.60 6.30
Jul-03 2.04 2.65 6.15
Aug-03 2.18 2.68 6.07
Sep-03 2.11 2.67 6.09
Oct-03 2.25 2.72 5.95
Nov-03 2.26 2.76 5.83
Dec-03 2.33 2.83 5.67
Jan-04 2.33 2.82 5.70
Feb-04 2.41 2.87 5.57
Mar-04 2.40 2.79 5.78
Apr-04 2.39 2.87 5.56
May-04 2.52 2.86 5.58
Jun-04 2.26 2.85 5.62
Jul-04 2.58 2.89 5.51
Aug-04 2.40 2.93 5.41
Sep-04 2.59 2.95 5.38
Oct-04 2.67 2.92 5.45
Nov-04 2.34 2.96 5.35
Dec-04 2.75 2.96 5.36
Jan-05 2.57 3.00 5.26
Feb-05 2.67 2.95 5.38
Mar-05 2.73 3.02 5.21
Apr-05 2.79 3.05 5.15
May-05 2.54 3.07 5.13
Jun-05 2.72 3.11 5.04
Jul-05 2.85 3.15 4.96
Aug-05 2.77 3.18 4.90
Sep-05 2.90 3.11 5.04
Oct-05 2.79 3.14 4.97
Nov-05 2.83 3.11 5.04
Dec-05 2.85 3.20 4.85
Jan-06 2.93 3.28 4.70
Feb-06 2.87 3.25 4.77
Mar-06 3.14 3.29 4.69
Apr-06 3.17 3.28 4.72
May-06 2.95 3.33 4.62
Jun-06 3.05 3.33 4.63
Jul-06 2.90 3.26 4.74
Aug-06 3.10 3.30 4.67
Sep-06 3.12 3.39 4.51
Oct-06 3.02 3.45 4.42
Nov-06 3.05 3.40 4.51
Dec-06 3.02 3.45 4.43
Jan-07 3.11 3.32 4.65
Feb-07 3.07 3.39 4.53
Mar-07 3.24 3.46 4.40
Apr-07 3.08 3.41 4.49
May-07 3.05 3.44 4.43
Jun-07 3.17 3.37 4.56
Jul-07 3.00 3.30 4.67
Aug-07 2.98 3.33 4.63
Sep-07 3.03 3.30 4.67
Oct-07 3.03 3.27 4.72
Nov-07 3.02 3.28 4.71
Dec-07 2.95 3.14 4.97
Jan-08 3.00 3.13 4.99
Feb-08 2.78 3.19 4.88
Mar-08 2.75 3.09 5.08
Apr-08 2.62 3.14 4.97
May-08 2.72 2.92 5.44
Jun-08 2.48 2.87 5.56
Jul-08 2.43 2.78 5.79
Aug-08 2.38 2.67 6.10
Sep-08 2.08 2.65 6.14
Oct-08 2.18 2.53 6.50
Nov-08 2.09 2.44 6.81
Dec-08 2.03 2.31 7.30
Jan-09 1.78 2.19 7.82
Feb-09 1.85 2.08 8.35
Mar-09 1.64 2.01 8.71
Apr-09 1.49 1.96 8.97
May-09 1.65 1.89 9.37
Jun-09 1.62 1.87 9.51
Jul-09 1.44 1.88 9.45
Aug-09 1.52 1.86 9.60
Sep-09 1.62 1.83 9.76
Oct-09 1.56 1.80 9.98
Nov-09 1.63 1.81 9.89
Dec-09 1.68 1.82 9.86
Jan-10 1.85 1.83 9.80
Feb-10 1.73 1.82 9.83
Mar-10 1.74 1.82 9.87
Apr-10 2.04 1.81 9.91
May-10 1.94 1.85 9.64
Jun-10 1.82 1.89 9.42
Jul-10 2.01 1.88 9.44
Aug-10 1.95 1.87 9.51
Sep-10 1.90 1.88 9.47
Oct-10 2.11 1.88 9.45
Nov-10 2.08 1.83 9.78
Dec-10 1.99 1.90 9.34
Jan-11 2.03 1.93 9.14
Feb-11 2.11 1.95 9.02
Mar-11 2.13 1.96 8.96
Apr-11 2.12 1.94 9.09
May-11 2.07 1.95 9.03
Jun-11 2.25 1.94 9.10
Jul-11 2.36 1.96 8.98
Aug-11 2.17 1.96 8.99
Sep-11 2.45 1.95 9.05
Oct-11 2.35 1.99 8.83
Nov-11 2.31 2.02 8.63
Dec-11 2.45 2.05 8.50
Jan-12 2.53 2.09 8.29
Feb-12 2.34 2.09 8.28
Mar-12 2.57 2.10 8.22
Apr-12 2.45 2.11 8.18
May-12 2.48 2.11 8.17
Jun-12 2.52 2.11 8.18
Jul-12 2.41 2.11 8.17
Aug-12 2.46 2.14 8.06
Sep-12 2.50 2.19 7.81
Oct-12 2.43 2.19 7.79
Nov-12 2.50 2.21 7.73
Dec-12 2.55 2.17 7.90
Jan-13 2.52 2.15 8.01
Feb-13 2.58 2.22 7.69
Mar-13 2.63 2.25 7.54
Apr-13 2.57 2.25 7.57
May-13 2.66 2.26 7.49
Jun-13 2.66 2.25 7.54
Jul-13 2.50 2.32 7.28
Aug-13 2.63 2.32 7.25
Sep-13 2.65 2.33 7.24
Oct-13 2.73 2.34 7.20
Nov-13 2.65 2.40 6.95
Dec-13 2.66 2.47 6.70
Jan-14 2.66 2.52 6.57
Feb-14 2.81 2.49 6.66
Mar-14 2.81 2.49 6.65
Apr-14 2.94 2.62 6.24
May-14 3.05 2.59 6.33
Jun-14 3.20 2.68 6.08
Jul-14 3.11 2.65 6.16
Aug-14 3.43 2.65 6.15
Sep-14 3.15 2.73 5.94
Oct-14 3.20 2.80 5.75
Nov-14 3.09 2.77 5.81
Dec-14 3.28 2.87 5.58
Jan-15 3.40 2.83 5.66
Feb-15 3.49 2.90 5.49
Mar-15 3.33 2.93 5.44
Apr-15 3.56 2.92 5.44
May-15 3.53 2.86 5.60
Jun-15 3.34 3.01 5.25
Jul-15 3.86 3.03 5.20
Aug-15 3.48 3.09 5.08
Sep-15 3.50 3.11 5.04
Oct-15 3.67 3.11 5.04
Nov-15 3.62 3.09 5.08
Dec-15 3.70 3.13 5.00
Jan-16 3.80 3.22 4.82
Feb-16 3.64 3.20 4.86
Mar-16 3.85 3.13 5.00
Apr-16 3.65 3.09 5.07
May-16 3.64 3.22 4.82
Jun-16 3.61 3.19 4.87
Jul-16 3.75 3.23 4.80
Aug-16 3.56 3.19 4.88
Sep-16 3.67 3.14 4.98
Oct-16 3.50 3.18 4.89
Nov-16 3.74 3.27 4.74
Dec-16 3.74 3.28 4.71
Jan-17 3.52 3.30 4.68
Feb-17 3.71 3.33 4.62
Mar-17 3.63 3.45 4.42
Apr-17 3.80 3.45 4.42
May-17 3.64 3.48 4.37
Jun-17 3.94 3.53 4.29
Jul-17 3.89 3.53 4.30
Aug-17 3.91 3.46 4.41
Sep-17 3.92 3.56 4.25
Oct-17 4.00 3.61 4.18
Nov-17 3.91 3.58 4.22
Dec-17 3.95 3.64 4.13
Jan-18 4.09 3.71 4.04
Feb-18 4.06 3.69 4.07
Mar-18 4.21 3.74 3.99
Apr-18 4.27 3.75 3.98
May-18 4.32 3.88 3.82
Jun-18 4.46 3.76 3.97
Jul-18 4.43 3.89 3.80
Aug-18 4.46 3.88 3.81
Sep-18 4.53 3.94 3.74
Oct-18 4.53 3.87 3.83
Nov-18 4.64 3.92 3.77
Dec-18 4.56 3.81 3.91
Jan-19 4.58 3.77 3.96
Feb-19 4.33 3.93 3.75
Mar-19 4.49 3.91 3.78
Apr-19 4.44 4.04 3.63
May-19 4.48 4.03 3.65
Jun-19 4.38 4.05 3.62
Jul-19 4.33 4.01 3.66
Aug-19 4.36 4.01 3.66
Sep-19 4.33 4.14 3.52
Oct-19 4.51 4.03 3.64
Nov-19 4.19 4.06 3.61
Dec-19 4.09 4.10 3.56
Jan-20 4.35 4.12 3.54
Feb-20 4.26 4.18 3.47
Mar-20 3.64 3.46 4.40
Apr-20 3.01 1.32 14.73
May-20 3.44 1.44 13.24
Jun-20 3.78 1.66 11.02
Jul-20 4.14 1.77 10.18
Aug-20 3.93 2.06 8.42
Sep-20 4.05 2.18 7.86
Oct-20 4.27 2.41 6.91
Nov-20 4.26 2.47 6.71
Dec-20 4.32 2.47 6.71
Jan-21 4.51 2.58 6.36
Feb-21 4.90 2.62 6.23
Mar-21 5.28 2.69 6.03
Apr-21 5.76 2.69 6.04
May-21 5.99 2.80 5.75
Jun-21 6.11 2.74 5.90
Jul-21 6.68 2.95 5.37
Aug-21 6.58 3.05 5.16
Sep-21 6.61 3.26 4.75
Oct-21 6.86 3.36 4.56
Nov-21 6.74 3.60 4.20
Dec-21 7.05 3.82 3.89
Jan-22 6.89 3.75 3.98
Feb-22 6.92 3.87 3.82
Mar-22 7.02 4.05 3.62
Apr-22 N/A 4.05 3.62

Note: Observations are from December 2000 to December 2019.

Source: Bureau of Labor Statistics.

Figure 5: Vacancies and Unemployment

Rates

Date Vacancy Rate Unemployment rate
Dec-00 3.55 3.93
Jan-01 3.64 4.19
Feb-01 3.55 4.24
Mar-01 3.31 4.27
Apr-01 3.21 4.37
May-01 3.09 4.34
Jun-01 3.04 4.52
Jul-01 3.10 4.58
Aug-01 2.81 4.91
Sep-01 2.83 4.96
Oct-01 2.57 5.34
Nov-01 2.62 5.55
Dec-01 2.55 5.72
Jan-02 2.57 5.69
Feb-02 2.38 5.68
Mar-02 2.50 5.75
Apr-02 2.40 5.94
May-02 2.39 5.79
Jun-02 2.36 5.80
Jul-02 2.33 5.79
Aug-02 2.43 5.73
Sep-02 2.27 5.67
Oct-02 2.39 5.72
Nov-02 2.42 5.87
Dec-02 2.18 5.96
Jan-03 2.36 5.84
Feb-03 2.21 5.90
Mar-03 2.12 5.88
Apr-03 2.12 6.04
May-03 2.25 6.11
Jun-03 2.31 6.30
Jul-03 2.04 6.15
Aug-03 2.18 6.07
Sep-03 2.11 6.09
Oct-03 2.25 5.95
Nov-03 2.26 5.83
Dec-03 2.33 5.67
Jan-04 2.33 5.70
Feb-04 2.41 5.57
Mar-04 2.40 5.78
Apr-04 2.39 5.56
May-04 2.52 5.58
Jun-04 2.26 5.62
Jul-04 2.58 5.51
Aug-04 2.40 5.41
Sep-04 2.59 5.38
Oct-04 2.67 5.45
Nov-04 2.34 5.35
Dec-04 2.75 5.36
Jan-05 2.57 5.26
Feb-05 2.67 5.38
Mar-05 2.73 5.21
Apr-05 2.79 5.15
May-05 2.54 5.13
Jun-05 2.72 5.04
Jul-05 2.85 4.96
Aug-05 2.77 4.90
Sep-05 2.90 5.04
Oct-05 2.79 4.97
Nov-05 2.83 5.04
Dec-05 2.85 4.85
Jan-06 2.93 4.70
Feb-06 2.87 4.77
Mar-06 3.14 4.69
Apr-06 3.17 4.72
May-06 2.95 4.62
Jun-06 3.05 4.63
Jul-06 2.90 4.74
Aug-06 3.10 4.67
Sep-06 3.12 4.51
Oct-06 3.02 4.42
Nov-06 3.05 4.51
Dec-06 3.02 4.43
Jan-07 3.11 4.65
Feb-07 3.07 4.53
Mar-07 3.24 4.40
Apr-07 3.08 4.49
May-07 3.05 4.43
Jun-07 3.17 4.56
Jul-07 3.00 4.67
Aug-07 2.98 4.63
Sep-07 3.03 4.67
Oct-07 3.03 4.72
Nov-07 3.02 4.71
Dec-07 2.95 4.97
Jan-08 3.00 4.99
Feb-08 2.78 4.88
Mar-08 2.75 5.08
Apr-08 2.62 4.97
May-08 2.72 5.44
Jun-08 2.48 5.56
Jul-08 2.43 5.79
Aug-08 2.38 6.10
Sep-08 2.08 6.14
Oct-08 2.18 6.50
Nov-08 2.09 6.81
Dec-08 2.03 7.30
Jan-09 1.78 7.82
Feb-09 1.85 8.35
Mar-09 1.64 8.71
Apr-09 1.49 8.97
May-09 1.65 9.37
Jun-09 1.62 9.51
Jul-09 1.44 9.45
Aug-09 1.52 9.60
Sep-09 1.62 9.76
Oct-09 1.56 9.98
Nov-09 1.63 9.89
Dec-09 1.68 9.86
Jan-10 1.85 9.80
Feb-10 1.73 9.83
Mar-10 1.74 9.87
Apr-10 2.04 9.91
May-10 1.94 9.64
Jun-10 1.82 9.42
Jul-10 2.01 9.44
Aug-10 1.95 9.51
Sep-10 1.90 9.47
Oct-10 2.11 9.45
Nov-10 2.08 9.78
Dec-10 1.99 9.34
Jan-11 2.03 9.14
Feb-11 2.11 9.02
Mar-11 2.13 8.96
Apr-11 2.12 9.09
May-11 2.07 9.03
Jun-11 2.25 9.10
Jul-11 2.36 8.98
Aug-11 2.17 8.99
Sep-11 2.45 9.05
Oct-11 2.35 8.83
Nov-11 2.31 8.63
Dec-11 2.45 8.50
Jan-12 2.53 8.29
Feb-12 2.34 8.28
Mar-12 2.57 8.22
Apr-12 2.45 8.18
May-12 2.48 8.17
Jun-12 2.52 8.18
Jul-12 2.41 8.17
Aug-12 2.46 8.06
Sep-12 2.50 7.81
Oct-12 2.43 7.79
Nov-12 2.50 7.73
Dec-12 2.55 7.90
Jan-13 2.52 8.01
Feb-13 2.58 7.69
Mar-13 2.63 7.54
Apr-13 2.57 7.57
May-13 2.66 7.49
Jun-13 2.66 7.54
Jul-13 2.50 7.28
Aug-13 2.63 7.25
Sep-13 2.65 7.24
Oct-13 2.73 7.20
Nov-13 2.65 6.95
Dec-13 2.66 6.70
Jan-14 2.66 6.57
Feb-14 2.81 6.66
Mar-14 2.81 6.65
Apr-14 2.94 6.24
May-14 3.05 6.33
Jun-14 3.20 6.08
Jul-14 3.11 6.16
Aug-14 3.43 6.15
Sep-14 3.15 5.94
Oct-14 3.20 5.75
Nov-14 3.09 5.81
Dec-14 3.28 5.58
Jan-15 3.40 5.66
Feb-15 3.49 5.49
Mar-15 3.33 5.44
Apr-15 3.56 5.44
May-15 3.53 5.60
Jun-15 3.34 5.25
Jul-15 3.86 5.20
Aug-15 3.48 5.08
Sep-15 3.50 5.04
Oct-15 3.67 5.04
Nov-15 3.62 5.08
Dec-15 3.70 5.00
Jan-16 3.80 4.82
Feb-16 3.64 4.86
Mar-16 3.85 5.00
Apr-16 3.65 5.07
May-16 3.64 4.82
Jun-16 3.61 4.87
Jul-16 3.75 4.80
Aug-16 3.56 4.88
Sep-16 3.67 4.98
Oct-16 3.50 4.89
Nov-16 3.74 4.74
Dec-16 3.74 4.71
Jan-17 3.52 4.68
Feb-17 3.71 4.62
Mar-17 3.63 4.42
Apr-17 3.80 4.42
May-17 3.64 4.37
Jun-17 3.94 4.29
Jul-17 3.89 4.30
Aug-17 3.91 4.41
Sep-17 3.92 4.25
Oct-17 4.00 4.18
Nov-17 3.91 4.22
Dec-17 3.95 4.13
Jan-18 4.09 4.04
Feb-18 4.06 4.07
Mar-18 4.21 3.99
Apr-18 4.27 3.98
May-18 4.32 3.82
Jun-18 4.46 3.97
Jul-18 4.43 3.80
Aug-18 4.46 3.81
Sep-18 4.53 3.74
Oct-18 4.53 3.83
Nov-18 4.64 3.77
Dec-18 4.56 3.91
Jan-19 4.58 3.96
Feb-19 4.33 3.75
Mar-19 4.49 3.78
Apr-19 4.44 3.63
May-19 4.48 3.65
Jun-19 4.38 3.62
Jul-19 4.33 3.66
Aug-19 4.36 3.66
Sep-19 4.33 3.52
Oct-19 4.51 3.64
Nov-19 4.19 3.61
Dec-19 4.09 3.56
Jan-20 4.35 3.54
Feb-20 4.26 3.47
Mar-20 3.64 4.40
Apr-20 3.01 14.73
May-20 3.44 13.24
Jun-20 3.78 11.02
Jul-20 4.14 10.18
Aug-20 3.93 8.42
Sep-20 4.05 7.86
Oct-20 4.27 6.91
Nov-20 4.26 6.71
Dec-20 4.32 6.71
Jan-21 4.51 6.36
Feb-21 4.90 6.23
Mar-21 5.28 6.03
Apr-21 5.76 6.04
May-21 5.99 5.75
Jun-21 6.11 5.90
Jul-21 6.68 5.37
Aug-21 6.58 5.16
Sep-21 6.61 4.75
Oct-21 6.86 4.56
Nov-21 6.74 4.20
Dec-21 7.05 3.89
Jan-22 6.89 3.98
Feb-22 6.92 3.82
Mar-22 7.02 3.62
Apr-22 N/A 3.62

Note: Observations are from December 2000 to March 2022.

Source: Bureau of Labor Statistics.

Figure 6: Determinants of Unemployment

This slide contains an equation, (1), showing that in steady state (that is when the unemployment rate is unchanged), flows into unemployment equal flows out of unemployment.  Since the labor force has been normalized to equal 1, flows into unemployment equal 1 minus unemployment (which is the same as employment) times the separations rate, $$s$$.  Flows out of unemployment equal unemployment times the job finding rate, $$f$$. This slide also contains an equation, (2), that solves equation (1) for unemployment. It states that unemployment (in steady state) equals the ratio of the separations rate to the separations rate plus the job finding rate.

Note: $$U$$ =unemployment rate; $$s$$ =separations rate; $$f$$=job finding rate.

Figure 7: Effect of Vacancies on Unemployment

The first equation on this slide, (3), shows that hires, $$H$$, are a function of both the number of job vacancies and the number of unemployed.  It also shows that if the hires, or matching, function takes a Cobb-Douglas form, hires will equal vacancies to the power sigma times unemployment to the power 1 minus sigma times a matching efficiency parameter, mu.  The next equation, (4), results from dividing equation (3) by unemployment.  It shows that the job finding rate (which equals hires divided by unemployment) equals mu times the ratio of vacancies to unemployment to the power sigma.  The final equation on the slide, (5), substitutes the job finding rate from equation (4) into the equation for the steady state unemployment rate, equation (2).  The resulting equation states that the steady state unemployment rate equals the ratio of the separations rate to the separations rate plus mu times the ratio of vacancies to unemployment to the power sigma.

Note: $$H$$=hires; $$V$$=vacancies; $$\mu$$=matching efficiency; $${\sigma}$$=matching parameter.

Figure 8: Beveridge Curves and Recoveries

Rates

Unemployment rate when: Vacancy rate
s=1 s=1.5 s=2 s=2.5
5.95 9.97 14.07 18.08 1.00
5.53 9.32 13.20 17.03 1.20
5.21 8.79 12.50 16.17 1.40
4.94 8.36 11.92 15.46 1.60
4.71 7.99 11.42 14.85 1.80
4.52 7.68 10.99 14.32 2.00
4.35 7.40 10.62 13.85 2.20
4.20 7.16 10.28 13.44 2.40
4.06 6.94 9.98 13.07 2.60
3.94 6.74 9.71 12.73 2.80
3.83 6.57 9.47 12.42 3.00
3.73 6.40 9.24 12.14 3.20
3.64 6.25 9.03 11.88 3.40
3.56 6.11 8.84 11.63 3.60
3.48 5.99 8.66 11.41 3.80
3.41 5.87 8.50 11.20 4.00
3.34 5.75 8.34 11.00 4.20
3.28 5.65 8.20 10.82 4.40
3.22 5.55 8.06 10.64 4.60
3.17 5.46 7.93 10.48 4.80
3.11 5.37 7.81 10.32 5.00
3.06 5.29 7.69 10.17 5.20
3.02 5.21 7.58 10.03 5.40
2.97 5.14 7.47 9.90 5.60
2.93 5.06 7.37 9.77 5.80
2.89 5.00 7.28 9.65 6.00
2.85 4.93 7.19 9.53 6.20
2.81 4.87 7.10 9.42 6.40
2.78 4.81 7.01 9.31 6.60
2.74 4.75 6.93 9.21 6.80
2.71 4.70 6.86 9.11 7.00
2.68 4.64 6.78 9.01 7.20
2.65 4.59 6.71 8.92 7.40
2.62 4.55 6.64 8.83 7.60
2.59 4.50 6.57 8.74 7.80
2.57 4.45 6.51 8.66 8.00

Source: Author's calculations.

Figure 9: Beveridge Curves and Recoveries Rates

Rates

Unemployment rate when: Fitted Vacancy rate
s=1 s=1.5 s=2 s=2.5
5.95 9.97 14.07 18.08 20.84 1.00
5.53 9.32 13.20 17.03 16.59 1.20
5.21 8.79 12.50 16.17 13.68 1.40
4.94 8.36 11.92 15.46 11.57 1.60
4.71 7.99 11.42 14.85 9.98 1.80
4.52 7.68 10.99 14.32 8.75 2.00
4.35 7.40 10.62 13.85 7.77 2.20
4.20 7.16 10.28 13.44 6.96 2.40
4.06 6.94 9.98 13.07 6.30 2.60
3.94 6.74 9.71 12.73 5.74 2.80
3.83 6.57 9.47 12.42 5.27 3.00
3.73 6.40 9.24 12.14 4.86 3.20
3.64 6.25 9.03 11.88 4.50 3.40
3.56 6.11 8.84 11.63 4.19 3.60
3.48 5.99 8.66 11.41 3.92 3.80
3.41 5.87 8.50 11.20 3.67 4.00
3.34 5.75 8.34 11.00 3.46 4.20
3.28 5.65 8.20 10.82 3.26 4.40
3.22 5.55 8.06 10.64 3.08 4.60
3.17 5.46 7.93 10.48 2.92 4.80
3.11 5.37 7.81 10.32 2.78 5.00
3.06 5.29 7.69 10.17 2.65 5.20
3.02 5.21 7.58 10.03 2.52 5.40
2.97 5.14 7.47 9.90 2.41 5.60
2.93 5.06 7.37 9.77 2.31 5.80
2.89 5.00 7.28 9.65 2.21 6.00
2.85 4.93 7.19 9.53 2.12 6.20
2.81 4.87 7.10 9.42 2.04 6.40
2.78 4.81 7.01 9.31 1.96 6.60
2.74 4.75 6.93 9.21 1.89 6.80
2.71 4.70 6.86 9.11 1.82 7.00
2.68 4.64 6.78 9.01 1.76 7.20
2.65 4.59 6.71 8.92 1.70 7.40
2.62 4.55 6.64 8.83 1.65 7.60
2.59 4.50 6.57 8.74 1.59 7.80
2.57 4.45 6.51 8.66 1.54 8.00

Source: Author's calculations.

Figure 10: Beveridge Curve and Future Unemployment

Rates

Unemployment rate Vacancy rate A (Mar. 2022) B Jan. 2019
7.77 1.00      
7.25 1.20      
6.83 1.40      
6.48 1.60      
6.19 1.80      
5.94 2.00      
5.72 2.20      
5.53 2.40      
5.36 2.60      
5.20 2.80      
5.06 3.00      
4.93 3.20      
4.81 3.40      
4.70 3.60      
4.60 3.80      
4.51 4.00      
4.42 4.20      
4.34 4.40      
4.26 4.60   4.25 4.00
4.19 4.80      
4.12 5.00      
4.06 5.20      
4.00 5.40      
3.94 5.60      
3.88 5.80      
3.83 6.00      
3.78 6.20      
3.73 6.40      
3.68 6.60      
3.64 6.80      
3.60 7.00 3.60    
3.56 7.20      
3.52 7.40      
3.48 7.60      
3.44 7.80      
3.41 8.00      

Source: Bureau of Labor Statistics; Author's calculations.

Figure 11: Vacancies and Layoffs

Rates

Date Vacancy rate Layoff rate
Dec-00 3.55 1.50
Jan-01 3.64 1.70
Feb-01 3.55 1.40
Mar-01 3.31 1.60
Apr-01 3.21 1.40
May-01 3.09 1.50
Jun-01 3.04 1.50
Jul-01 3.10 1.50
Aug-01 2.81 1.50
Sep-01 2.83 1.60
Oct-01 2.57 1.80
Nov-01 2.62 1.70
Dec-01 2.55 1.50
Jan-02 2.57 1.50
Feb-02 2.38 1.50
Mar-02 2.50 1.40
Apr-02 2.40 1.50
May-02 2.39 1.50
Jun-02 2.36 1.50
Jul-02 2.33 1.60
Aug-02 2.43 1.50
Sep-02 2.27 1.50
Oct-02 2.39 1.50
Nov-02 2.42 1.50
Dec-02 2.18 1.50
Jan-03 2.36 1.60
Feb-03 2.21 1.50
Mar-03 2.12 1.50
Apr-03 2.12 1.50
May-03 2.25 1.60
Jun-03 2.31 1.60
Jul-03 2.04 1.60
Aug-03 2.18 1.70
Sep-03 2.11 1.50
Oct-03 2.25 1.50
Nov-03 2.26 1.50
Dec-03 2.33 1.50
Jan-04 2.33 1.60
Feb-04 2.41 1.50
Mar-04 2.40 1.60
Apr-04 2.39 1.50
May-04 2.52 1.50
Jun-04 2.26 1.40
Jul-04 2.58 1.40
Aug-04 2.40 1.50
Sep-04 2.59 1.50
Oct-04 2.67 1.40
Nov-04 2.34 1.50
Dec-04 2.75 1.50
Jan-05 2.57 1.50
Feb-05 2.67 1.60
Mar-05 2.73 1.60
Apr-05 2.79 1.50
May-05 2.54 1.50
Jun-05 2.72 1.50
Jul-05 2.85 1.40
Aug-05 2.77 1.40
Sep-05 2.90 1.50
Oct-05 2.79 1.40
Nov-05 2.83 1.30
Dec-05 2.85 1.40
Jan-06 2.93 1.30
Feb-06 2.87 1.40
Mar-06 3.14 1.40
Apr-06 3.17 1.40
May-06 2.95 1.50
Jun-06 3.05 1.30
Jul-06 2.90 1.40
Aug-06 3.10 1.30
Sep-06 3.12 1.30
Oct-06 3.02 1.40
Nov-06 3.05 1.40
Dec-06 3.02 1.30
Jan-07 3.11 1.40
Feb-07 3.07 1.30
Mar-07 3.24 1.40
Apr-07 3.08 1.50
May-07 3.05 1.40
Jun-07 3.17 1.30
Jul-07 3.00 1.40
Aug-07 2.98 1.50
Sep-07 3.03 1.60
Oct-07 3.03 1.40
Nov-07 3.02 1.40
Dec-07 2.95 1.40
Jan-08 3.00 1.40
Feb-08 2.78 1.40
Mar-08 2.75 1.40
Apr-08 2.62 1.40
May-08 2.72 1.40
Jun-08 2.48 1.60
Jul-08 2.43 1.50
Aug-08 2.38 1.60
Sep-08 2.08 1.50
Oct-08 2.18 1.70
Nov-08 2.09 1.70
Dec-08 2.03 1.80
Jan-09 1.78 1.90
Feb-09 1.85 1.90
Mar-09 1.64 1.90
Apr-09 1.49 2.00
May-09 1.65 1.70
Jun-09 1.62 1.70
Jul-09 1.44 1.70
Aug-09 1.52 1.60
Sep-09 1.62 1.70
Oct-09 1.56 1.60
Nov-09 1.63 1.50
Dec-09 1.68 1.60
Jan-10 1.85 1.40
Feb-10 1.73 1.40
Mar-10 1.74 1.50
Apr-10 2.04 1.30
May-10 1.94 1.30
Jun-10 1.82 1.60
Jul-10 2.01 1.70
Aug-10 1.95 1.40
Sep-10 1.90 1.40
Oct-10 2.11 1.30
Nov-10 2.08 1.40
Dec-10 1.99 1.40
Jan-11 2.03 1.40
Feb-11 2.11 1.30
Mar-11 2.13 1.40
Apr-11 2.12 1.40
May-11 2.07 1.40
Jun-11 2.25 1.50
Jul-11 2.36 1.40
Aug-11 2.17 1.40
Sep-11 2.45 1.40
Oct-11 2.35 1.40
Nov-11 2.31 1.40
Dec-11 2.45 1.40
Jan-12 2.53 1.30
Feb-12 2.34 1.40
Mar-12 2.57 1.30
Apr-12 2.45 1.40
May-12 2.48 1.50
Jun-12 2.52 1.40
Jul-12 2.41 1.30
Aug-12 2.46 1.40
Sep-12 2.50 1.30
Oct-12 2.43 1.40
Nov-12 2.50 1.40
Dec-12 2.55 1.30
Jan-13 2.52 1.20
Feb-13 2.58 1.20
Mar-13 2.63 1.30
Apr-13 2.57 1.30
May-13 2.66 1.30
Jun-13 2.66 1.30
Jul-13 2.50 1.30
Aug-13 2.63 1.30
Sep-13 2.65 1.40
Oct-13 2.73 1.20
Nov-13 2.65 1.20
Dec-13 2.66 1.30
Jan-14 2.66 1.30
Feb-14 2.81 1.30
Mar-14 2.81 1.20
Apr-14 2.94 1.30
May-14 3.05 1.20
Jun-14 3.20 1.30
Jul-14 3.11 1.30
Aug-14 3.43 1.20
Sep-14 3.15 1.20
Oct-14 3.20 1.30
Nov-14 3.09 1.20
Dec-14 3.28 1.30
Jan-15 3.40 1.30
Feb-15 3.49 1.20
Mar-15 3.33 1.40
Apr-15 3.56 1.30
May-15 3.53 1.20
Jun-15 3.34 1.30
Jul-15 3.86 1.20
Aug-15 3.48 1.20
Sep-15 3.50 1.40
Oct-15 3.67 1.30
Nov-15 3.62 1.20
Dec-15 3.70 1.30
Jan-16 3.80 1.30
Feb-16 3.64 1.30
Mar-16 3.85 1.30
Apr-16 3.65 1.20
May-16 3.64 1.30
Jun-16 3.61 1.20
Jul-16 3.75 1.20
Aug-16 3.56 1.30
Sep-16 3.67 1.10
Oct-16 3.50 1.10
Nov-16 3.74 1.20
Dec-16 3.74 1.20
Jan-17 3.52 1.20
Feb-17 3.71 1.20
Mar-17 3.63 1.20
Apr-17 3.80 1.20
May-17 3.64 1.20
Jun-17 3.94 1.30
Jul-17 3.89 1.30
Aug-17 3.91 1.30
Sep-17 3.92 1.20
Oct-17 4.00 1.20
Nov-17 3.91 1.20
Dec-17 3.95 1.20
Jan-18 4.09 1.30
Feb-18 4.06 1.20
Mar-18 4.21 1.20
Apr-18 4.27 1.20
May-18 4.32 1.20
Jun-18 4.46 1.20
Jul-18 4.43 1.20
Aug-18 4.46 1.20
Sep-18 4.53 1.20
Oct-18 4.53 1.20
Nov-18 4.64 1.30
Dec-18 4.56 1.20
Jan-19 4.58 1.20
Feb-19 4.33 1.20
Mar-19 4.49 1.10
Apr-19 4.44 1.30
May-19 4.48 1.20
Jun-19 4.38 1.20
Jul-19 4.33 1.20
Aug-19 4.36 1.20
Sep-19 4.33 1.30
Oct-19 4.51 1.20
Nov-19 4.19 1.20
Dec-19 4.09 1.30
Jan-20 4.35 1.20
Feb-20 4.26 1.30
Mar-20 3.64 8.60
Apr-20 3.01 7.00
May-20 3.44 1.60
Jun-20 3.78 1.70
Jul-20 4.14 1.30
Aug-20 3.93 1.10
Sep-20 4.05 1.10
Oct-20 4.27 1.20
Nov-20 4.26 1.50
Dec-20 4.32 1.40
Jan-21 4.51 1.10
Feb-21 4.90 1.10
Mar-21 5.28 1.00
Apr-21 5.76 1.00
May-21 5.99 0.90
Jun-21 6.11 0.90
Jul-21 6.68 1.00
Aug-21 6.58 1.00
Sep-21 6.61 1.00
Oct-21 6.86 0.90
Nov-21 6.74 0.90
Dec-21 7.05 0.80
Jan-22 6.89 0.90
Feb-22 6.92 0.90
Mar-22 7.02 0.90

Source: Bureau of Labor Statistics; Job Openings and Labor Turnover Survey.

Last Update: May 30, 2022