THE LABOR MARKET
THE LABOR MARKET REBALANCED The national labor market has shifted from one defined by twice as many job openings as people to fill them at its peak, to a labor market with more unemployed people than openings in recent months. In Michigan, this shift is even starker, having flipped to more unemployment than openings in mid-2024. This shift underscores a new talent landscape, one that is different from much of the past decade. While the labor force continues to grow, workers are competing for fewer available job openings than previous years. Meanwhile, many employers have tightened hiring to hedge against economic uncertainty. Job Openings vs. Unemployment
When the lines in this chart rise above 1 , there are there are more job openings than unemployed people.
BALANCE
When the lines in this chart dip below 1 , there are more unemployed people than job openings.
Source: Bureau of Labor Statistics (Unemployment Seasonally Adjusted and Job Openings Total Nonfarm Seasonally Adjusted)
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