The Rise and Fall of Job Openings

Job openings are still at 9.6 million, 2 million higher than their pre-pandemic peak. This may overstate the degree of excess demand for labor as it doesn't cost much to keep a job posting open. In some sense, this could be seen as a balance between worker complacency and business caution. The long-term effects combined with relatively weak demographics are likely to hold labor supply and check.