Is the US Job Market Rebounding? Key Jobs Metric Returns to Pre-Pandemic Levels

The US job market cleared a key hurdle in April as the "Beveridge Curve" returned to where it was pre-pandemic in 2018-2019, showing a relationship between job openings and unemployment rate. In mid-2022, Fed Governor Christopher Waller suggested inflation could fall without a large rise in unemployment if job openings dropped, returning the Beveridge Curve to normal. In April, there were 1.24 job openings for each unemployed person, matching pre-pandemic levels and showing realignment between demand and supply of workers. The quits rate, which peaked during a pandemic, has been steady at 2.2% for six months, below pre-pandemic levels.