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Transcript: Why Job Openings Are Surging, Even With So Many People Out of Work

A job seeker at a job fair in Beattyville, Kentucky, U.S.

A job seeker at a job fair in Beattyville, Kentucky, U.S.

Photographer: Jon Cherry/Bloomberg

Normally, economists expect a somewhat stable relationship between job openings and the unemployment rate. More job openings = more people employed. Lately, however, the shape of this relationship has changed. Job openings are absolutely soaring. And yet total employment in the economy is well below pre-pandemic levels. On this episode, we speak with Thomas Lubik, a senior advisor in the Research Department at the Richmond Fed, who has been researching and writing about this unusual state of the labor market.