WASHINGTON, Monday, June 10, 2024 – The US job market reached a key milestone in its gradual return from the COVID-19 pandemic, with a key economic indicator known as the Beveridge Curve returning to levels last seen in 2018 and 2019, news reports said. 1
The Beveridge Curve charts the relationship between job openings and the unemployment rate. Data released in April showed the curve had completed its shift from the elevated levels seen during the pandemic back to its pre-pandemic position.
In the early months of the pandemic, the number of job openings skyrocketed while unemployment also climbed. This created a temporary distortion in the Beveridge Curve. However, the situation steadily normalized as the economy recovered.
The return of the Beveridge Curve to its pre-pandemic position doesn’t necessarily signify the complete resolution of labor market challenges. Inflation remains a major concern, and some sectors are still experiencing hiring difficulties.
However, analysts said that the milestone marks a significant step towards normalcy in the U.S. job market after a “strange trip” caused by the pandemic.
The US job market continued its steady recovery in May, adding 272,000 jobs according to the Bureau of Labor Statistics’ Employment Situation Summary released on June 5.
The unemployment rate remained unchanged at 4.0%.
The Report by US Bureau of Labor Statistics can be read here.
- finance.yahoo.com: https://finance.yahoo.com/news/us-job-market-hits-milestone-181229546.html[↩]
