Multiple measures indicate labor markets remain very tight, but they differ over how tight

Standard Deviations from February 2020

PIIE
Notes: Measures standardized using standard deviation from 2001 through 2018 and indexed to equal 0 in February 2020. Prime-age employment is the share of the civilian population aged 25-54 that is employed. Unemployment rate is the U-3 unemployment rate. The quits rate is quits divided by total nonfarm employment. The openings rate is openings divided by the sum of total nonfarm employment and openings. Job openings for August 2022 are estimated based on Indeed Hiring Lab job postings. The unemployment rate is plotted so that higher values correspond with a greater degree of labor market tightness, consistent with other measures. Source: Bureau of Labor Statistics and Indeed Hiring Lab via Macrobond; authors' calculations.