ND Labor Market Update (JOLTS)

Inflation and labor markets dominate the news right now, and this is probably appropriate in terms of the concerns of most people calling the radio. There are worries about prices and the erosion of purchasing power, and then broader concerns about the health and status of the labor market. The broader concerns are not necessarily directly personal, focusing at times on worries about the overarching success possible if there is a market that does not work.

In this post I take a look at the JOLTS labor data for North Dakota in particular. The longer record of this data shows a significant degree of stability over time with a predictable set of changes during the onset of COVID. It was temporary in the same way that other measures were temporary though.

We should not make too much out of any one month in terms of measurement. The fact is that openings are likely to increase as quits and hires do. It is the long run trends in the measures that can be most informative to discussions and policies.

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