Michal Stelmach, James Kensett and Philip Schnattinger Economists frequently use the vacancies to unemployment (V/U) ratio to measure labour market tightness. Analysis of the labour market during the current inflationary period often assumes the V/U ratio is constant and compares this measure with a supposed pre-2019 equilibrium. However, the V/U ratio has trended upwards over … Continue reading What can 40 years of data on vacancy advertising costs tell us about labour market equilibrium?
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Tomas Key During the recovery from the Covid pandemic, the demand for workers rose to unprecedented levels in the UK. The number of jobs that firms were looking to fill increased to 1.3 million in the middle of 2022, 60% higher than the level in the last three months of 2019. The amount of job … Continue reading How have recent changes to the demand for workers affected the unemployment rate?