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Are labor supply and labor demand out of balance?
Federal Reserve Chair Jerome Powell stated in November 2022 that “job openings exceed available workers by about 4 million.” That number currently stands at 4.7 million after continued strengthening of the labor market. This mismatch between available jobs and workers to fill them has generated ongoing discussion, and the FRED graph above measures that mismatch in labor supply and demand: The civilian labor force, the amount of people working or looking for a job, is shown in red; the current employment level plus the number of job openings is shown in blue. If the civilian labor force is greater than employment ... (full story)