Job Market BLOG

SUMMARY: The ratio of job openings to unemployment is now below 2019 level.

DETAILS: New reporting from Indeed confirms the ever-tightening job market. More people are searching for new roles, but the number of open jobs has been slipping. The Bureau of Labor Statistics tracks the number of job openings for every unemployed person. That number hit 0.9 in December 2025, the lowest we have seen since before the pandemic years.

A few years ago, the story was completely different. In 2021 and 2022, workers were in the driver’s seat. Employers had more open jobs than people to fill them. That meant strong wage growth and lots of job hopping. Today, things have leveled out. The balance has shifted toward employers. Companies can take their time and be pickier about who they hire. Job seekers are active, but the market is not as tight as before.