The Job Opening and Labor Turnover Survey (JOLTS) monthly data was just released. These numbers are on an additional lag, so these numbers released today are for the month of May.
Job openings remained flat, as they have since mid 2010:
As I noted in a research brief, this number had been revised downward earlier this year by a significant amount, radically overstating the level of evidence for elite concerns about structural unemployment and the need to pivot to the deficit.
How does the Beveridge Curve look? Job Opening Rate stays the say, unemployment increases:
One of the biggest worries in 2010 was that this graph would head upward, as job openings came but the unemployed couldn’t successfully get those jobs. As we see here though, the level of jobs remain at a low level, and our economy is mostly sputtering around.
One way we would know if we had hit the structural limits of what can be done by the government in the economy is if these graph were indeed spiking upward, with lots of job openings but also a lot of unemployed people who could not take them, for whatever structural reasons. Instead we have a depressed level of job openings, with the curve bouncing around based on how the unemployment number is evolving, indicating there is a lot more that can be done.