Figure 2

Hiring is very low despite low-ish unemployment

Combined hiring and unemployment rates each month, percent, 2001–2019 and 2021–November 2025

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Notes: Each dot represents a month during the time period indicated by the color. The dot’s position reflects the hiring and unemployment rates during that month. Omits data for 2020 because of pandemic-caused distortions.

Source: Author's analysis of Job Openings and Labor Turnover Survey (JOLTS) and Current Population Survey (CPS) data, US Bureau of Labor Statistics.Download image