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1 1 (October 5, 2021)

handle is hein.crs/goveepr0001 and id is 1 raw text is: Congressional .Research Service ~ informing the legi Iative debate since 1914_ Labor Market Tightness and the Economic Recovery, Part 1 October 5, 2021 Recently, many businesses have reportedly complained of challenges posed by labor market tightness- workforce shortages and difficulties in hiring to reduce them. This is generally considered unusual when employment is still low by historical standards-one of the many unusual economic phenomena that have occurred during the Coronavirus Disease 2019 (COVID-19) pandemic. If long-lasting, these shortages could hold back the economic recovery and potentially contribute to inflationary pressures. This Insight examines evidence of tightness. A companion Insight (Part 2) discusses potential causes and policy implications. Evidence of Tightness ... There is no single, direct measure of labor market tightness, but one popular proxy measures the ratio of unemployed workers to job openings (see Figure 1). This measure provides a comparison of how many workers are unemployed and actively looking for jobs with how many positions employers are looking to fill. In July 2021, there were fewer than one unemployed worker per job opening. This ratio, which rises in recessions and declines in expansions when the labor market tightens, is lower than in previous expansions and similar to the level reached before the pandemic, when the unemployment rate was 3.5%. Congressional Research Service https://crsreports.congress.gov IN11770 CRS INSIGHT Prepared for Members and Committees of Congress -

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