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Job openings and the Beveridge curve, December 2000–March 2014

May 13, 2014

The Beveridge curve is a graphical representation of the relationship between the unemployment rate and the job openings rate.  Changes in the supply of or demand for labor cause movements along this curve. In March 2014, the job openings rate was 2.8 percent and the unemployment rate was 6.7 percent.

The Beveridge Curve (job openings vs. unemployment rate), seasonally adjusted, December 2000–April 2013
The Beveridge Curve (job openings vs. unemployment rate), seasonally adjusted, December 2000–March 2014
MonthJob openings rateUnemployment rate

December 2000

3.63.9

January 2001

3.84.2

February 2001

3.44.2

March 2001

3.44.3

April 2001

3.44.4

May 2001

3.24.3

June 2001

3.14.5

July 2001

3.24.6

August 2001

3.04.9

September 2001

2.95.0

October 2001

2.75.3

November 2001

2.65.5

December 2001

2.75.7

January 2002

2.75.7

February 2002

2.55.7

March 2002

2.75.7

April 2002

2.55.9

May 2002

2.65.8

June 2002

2.55.8

July 2002

2.55.8

August 2002

2.65.7

September 2002

2.55.7

October 2002

2.65.7

November 2002

2.75.9

December 2002

2.36.0

January 2003

2.75.8

February 2003

2.55.9

March 2003

2.35.9

April 2003

2.46.0

May 2003

2.46.1

June 2003

2.56.3

July 2003

2.46.2

August 2003

2.46.1

September 2003

2.36.1

October 2003

2.46.0

November 2003

2.55.8

December 2003

2.55.7

January 2004

2.55.7

February 2004

2.65.6

March 2004

2.55.8

April 2004

2.65.6

May 2004

2.75.6

June 2004

2.55.6

July 2004

2.85.5

August 2004

2.65.4

September 2004

2.75.4

October 2004

2.85.5

November 2004

2.55.4

December 2004

2.85.4

January 2005

2.65.3

February 2005

2.85.4

March 2005

2.85.2

April 2005

3.05.2

May 2005

2.85.1

June 2005

2.95.0

July 2005

3.05.0

August 2005

2.94.9

September 2005

3.05.0

October 2005

3.05.0

November 2005

3.15.0

December 2005

3.04.9

January 2006

3.14.7

February 2006

3.14.8

March 2006

3.24.7

April 2006

3.24.7

May 2006

3.24.6

June 2006

3.14.6

July 2006

2.94.7

August 2006

3.14.7

September 2006

3.24.5

October 2006

3.24.4

November 2006

3.34.5

December 2006

3.24.4

January 2007

3.24.6

February 2007

3.24.5

March 2007

3.34.4

April 2007

3.24.5

May 2007

3.24.4

June 2007

3.34.6

July 2007

3.14.7

August 2007

3.24.6

September 2007

3.14.7

October 2007

3.04.7

November 2007

3.04.7

December 2007

3.05.0

January 2008

3.05.0

February 2008

2.84.9

March 2008

2.85.1

April 2008

2.75.0

May 2008

2.85.4

June 2008

2.65.6

July 2008

2.75.8

August 2008

2.56.1

September 2008

2.36.1

October 2008

2.36.5

November 2008

2.26.8

December 2008

2.27.3

January 2009

2.07.8

February 2009

2.18.3

March 2009

1.88.7

April 2009

1.79.0

May 2009

1.89.4

June 2009

1.89.5

July 2009

1.69.5

August 2009

1.79.6

September 2009

1.89.8

October 2009

1.810.0

November 2009

1.89.9

December 2009

1.99.9

January 2010

2.09.7

February 2010

1.99.8

March 2010

2.09.9

April 2010

2.39.9

May 2010

2.29.6

June 2010

2.19.4

July 2010

2.29.5

August 2010

2.29.5

September 2010

2.19.5

October 2010

2.39.5

November 2010

2.39.8

December 2010

2.29.4

January 2011

2.29.1

February 2011

2.39.0

March 2011

2.39.0

April 2011

2.39.1

May 2011

2.39.0

June 2011

2.49.1

July 2011

2.59.0

August 2011

2.49.0

September 2011

2.69.0

October 2011

2.58.8

November 2011

2.48.6

December 2011

2.68.5

January 2012

2.68.2

February 2012

2.68.3

March 2012

2.88.2

April 2012

2.68.2

May 2012

2.78.2

June 2012

2.88.2

July 2012

2.68.2

August 2012

2.78.1

September 2012

2.67.8

October 2012

2.77.8

November 2012

2.77.8

December 2012

2.67.9

January 2013

2.77.9

February 2013

2.97.7

March 2013

2.87.5

April 2013

2.77.5

May 2013

2.87.5

June 2013

2.87.5

July 2013

2.77.3

August 2013

2.87.2

September 2013

2.87.2

October 2013

2.87.2

November 2013

2.97.0

December 2013

2.86.7

January 2014

2.76.6

February 2014

2.96.7

March 2014

2.86.7

When the economy expands, the unemployment rate is low and the job openings rate is high; fewer workers are seeking employment, making it more difficult for employers to fill job openings. When the economy contracts, the unemployment rate is high and the job openings rate is low; more workers are seeking employment, making it easier for employers to fill job openings. 

From the start of the most recent recession in December 2007 through the end of 2009, each month's point on the curve moved lower and further to the right as the job openings rate declined and the unemployment rate rose. From 2010 to the present, the point moved up and to the left as the job openings rate increased and the unemployment rate decreased. The outward shift in the Beveridge curve may be due to a greater mismatch between available jobs and the unemployed in terms of skills or location, or that employers are delaying hiring due to economic uncertainty.

These data are from the Job Openings and Labor Turnover Survey. Job openings data for the most recent month are preliminary and subject to revision. For additional information, see Job Openings and Labor Turnover — March 2014” (HTML) (PDF), news release USDL-14-0747. More charts featuring data on job openings, hires, and employment separations can be found in Job Openings and Labor Turnover Survey Highlights: March 2014 (PDF).

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Job openings and the Beveridge curve, December 2000–March 2014 at https://www.bls.gov/opub/ted/2014/ted_20140513.htm (visited October 31, 2024).

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