Here’s a great chart for getting a sense of how much the labor market has loosened and tightened over the past ten years:
The interactive version, where you can see specific data points, is here. The key data points are:
- March 2007: 1.4 unemployed people per job opening
- July 2009: 6.8
- December 2015: 1.4
So, based on this measure, we’ve come a very long way. What’s not clear, however, is whether the number of unemployed people includes discouraged workers that have stopped looking and aren’t counted in the normal unemployment rate metric (U-3). I suspect it doesn’t, so the December 2015’s 1.4 mark isn’t quite as impressive as March 2007’s.
Overall, however, this is huge progress and provides additional leverage for workers. HourVoice intends to help them exercise that increased power.