Cooling job market returns to 2020 levels

Job openings nationally have reached their pre-pandemic balance of 1.2 for every unemployed person looking for work. But North Dakota still has almost three job openings per unemployed person while California, Nevada and Washington state have less than one. Openings are down sharply in all states since interest rates began to rise in 2022.

Job openings nationally have reached their pre-pandemic balance of 1.2 for every unemployed person looking for work as higher interest rates have cooled labor demand in the last two years, North Dakota still has almost 3 job openings per unemployed person while California, Nevada and Washington state have less than one. Openings are down sharply in all states since interest rates began to rise in 2022.