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Jobs, Jobs, Jobs
Headlines in the holiday-shortened US trading week will revolve around Kevin McCarthy's efforts to s
https://fred.stlouisfed.org/graph/?g=15EvG
The chart linked above shows US labor force (blue), employed persons (green), and job openings + employed (red). The gap between red (openings + employed) and green (employed) lines is job openings. There is a limit to how closely the green (employed) line can approach the blue (labor force) line, due to friction. The red (openings + employed) line intersecting with the blue (labor force) line illustrates the tightness of the labor market. For the labor market to loosen to pre-pandemic levels, it look like job openings may have to be cut in half.