One of the economics blogs I follow, Conversable Economist, had a post today about unheralded changes in the U.S. labor market. I was particularly struck by the graph of the Beveridge Curve, which plots job openings against the unemployment rate. Here's a BLS graph:
Notice that two recessions are shown on this graph, that of 2000-2001 and that of 2008-infinity. In the first, the unemployment rate increased and the number of job openings declined, and then the recovery followed the same curve in reverse. But something happened between June 2009 and April 2010 to permanently shift the Beveridge Curve outward; now a given unemployment rate corresponds to a higher number of job openings. What happened between June 2009 and April 2010 that would make it so job openings sit vacant while available workers are not hired? Hmmmm, I wonder what it could be?
via oneofthebest
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