Following Covid-19 pandemic lockdowns, a general excitement to return to normal life along with excess household savings helped contribute to very strong consumer spending and a quickly growing economy. During this time, American businesses were hiring at a rapid pace. These dynamics resulted in the greatest job market mismatch in modern history, as represented by far more job openings than available workers. Since then, it appears that the labor market has slowed and that the country has returned to an environment more consistent with pre-pandemic conditions.
In this week’s Market Note, we compare total job openings to total available workers and how these numbers have evolved over recent decades. The number of job openings is currently slightly higher than the pre-pandemic total, while the number of unemployed workers is slightly elevated but low by historical standards.
The Verus Market Note provides market commentary along with relevant charts and graphs. Each week, we highlight a key story from the finance world that we believe will pique your interest. While these insights are meant to inform and enrich your understanding of the current market landscape, they should not be taken as direct recommendations for immediate portfolio adjustments.
