The job openings per unemployed person ratio divides the number of open jobs in the US by the number of people who are unemployed and looking for work. In August 2026 there were about 7.08 million job openings and 7.03 million unemployed people, a ratio of roughly 1.0. That is half the 2.0 peak of March 2022 and slightly below the pre-pandemic level of about 1.2. For employers, a ratio near 1.0 means candidate supply and demand are roughly balanced, so job ad performance depends far more on targeting and conversion than on simply outbidding competitors.
What Does the Job Openings per Unemployed Person Ratio Measure?
The ratio is one of the simplest measures of labor market tightness. It compares two official BLS data series:
- Job openings, from the Job Openings and Labor Turnover Survey (JOLTS): positions that are open on the last business day of the month and that the employer is actively recruiting for from outside the company.
- Unemployed persons, from the Current Population Survey in the monthly Employment Situation report: people without a job who are available for work and have looked for one in the past four weeks.
Formula: Job openings per unemployed person = Job openings ÷ Unemployed persons
BLS publishes the same relationship in reverse, as unemployed persons per job opening. In August 2026 both versions round to 1.0.
- A ratio above 1.0 means more open jobs than job seekers. Hiring is harder and candidate acquisition costs usually rise.
- A ratio below 1.0 means more job seekers than open jobs. Applications are easier to get, but screening volume rises.
How Has the Ratio Changed Since 2019?
| Period | Job openings | Unemployed persons | Openings per unemployed person |
|---|---|---|---|
| 2019 average | ~7.2 million | ~6.0 million | ~1.2 |
| February 2020 | 6.97 million | 5.75 million | 1.21 |
| April 2020 (pandemic low) | 4.61 million | 23.08 million | 0.20 |
| March 2022 (peak) | 12.30 million | 6.03 million | 2.04 |
| August 2026 | 7.08 million | 7.03 million | 1.01 |
Source: Joveo analysis of BLS JOLTS job openings (FRED series JTSJOL) and BLS unemployed persons (FRED series UNEMPLOY). Ratios calculated by Joveo. August 2026 JOLTS data are preliminary and will be revised on November 3, 2026.
March 2022 had 12.3 million openings, the highest monthly level in the JOLTS series. Since then, openings have fallen by more than 5 million while the number of unemployed people has risen by about 1 million.
What Does the Latest Data Show for 2026?
The August 2026 JOLTS release and the September 2026 Employment Situation report describe a market that is steady but slow:
- Job openings: 7.1 million (rate 4.3%)
- Hires: 5.2 million (rate 3.3%)
- Quits: 3.1 million (rate 1.9%)
- Layoffs and discharges: 1.6 million (rate 1.0%)
- Unemployment rate (September 2026): 4.2%, in a 4.1% to 4.3% range since March
- Nonfarm payrolls (September 2026): +29,000
Job postings are a separate signal. Indeed’s Job Postings Index, which FRED republishes, stood at about 103.5 on September 18, 2026, roughly 3% above its February 2020 baseline. So employers are advertising at about the pre-pandemic rate even though hiring and quitting remain subdued.
Which Industries Have the Most Openings Relative to Their Size?
The national ratio hides big differences by industry. The JOLTS openings rate (openings as a share of filled jobs plus openings) shows where demand is concentrated.
| Industry | Openings rate, Aug 2026 | Openings, Aug 2026 |
|---|---|---|
| Health care and social assistance | 5.4% | 1.36 million |
| Professional and business services | 5.0% | 1.19 million |
| Retail trade | 4.7% | 761,000 |
| Accommodation and food services | 4.7% | 713,000 |
| Manufacturing | 4.0% | 522,000 |
| Construction | 2.9% | 251,000 |
Finance and insurance also posted a 5.0% openings rate, against 4.5% for total private employment.
Accommodation and food services shows how quickly conditions can shift: its openings rate was 6.2% in August 2025 and 4.7% a year later.
How Does the Ratio Relate to the Beveridge Curve?
BLS describes the Beveridge curve as “a graphical representation of the relationship between the unemployment rate and the job openings rate.” When the economy expands, openings are high and unemployment is low, which pushes the ratio up. In a contraction the reverse happens. If the whole curve shifts outward, it can signal that job seekers and open jobs are mismatched by skills or location.
For recruiters, this matters because a national ratio of 1.0 does not guarantee balance in every role. A health care system can face a tight market for nurses while the national figure looks neutral.
What Does a Ratio Near 1.0 Mean for Recruitment Advertising?
- Cost pressure is uneven, not universal. In 2022, nearly every requisition competed for scarce candidates. At 1.0, cost per applicant depends mostly on role, location, and industry. Budgets should follow requisition-level difficulty, not a blanket market assumption.
- Volume is easier to get, so quality matters more. With more job seekers per opening, the challenge shifts from attracting any applicants to attracting qualified ones. Optimize toward cost per qualified applicant or cost per hire rather than raw clicks.
- Fewer quits mean fewer active candidates in some talent pools. A 1.9% quits rate means employed workers are moving less. Roles that depend on experienced, currently employed talent may still feel tight.
- Localized data beats national headlines. Use metro and occupation data to set bids. A programmatic platform can shift spend toward sources and locations where each dollar produces qualified applies.
- Watch the direction, not just the level. If the ratio keeps falling, expect more applications per opening and more screening work. If it rises again, expect cost per applicant to climb first in health care and professional services.
How Joveo Helps Employers Act on Labor Market Data
Joveo’s programmatic job advertising platform adjusts bids and budgets at the job level based on real-time performance, so spend moves toward the roles, locations, and publishers where candidates are actually converting. In a balanced market like 2026, that means less waste on easy-to-fill roles and more support for the requisitions that remain hard to fill. Learn more in The Ultimate Guide to Programmatic Job Advertising, see How to Lower Cost Per Applicant, compare your metrics with Recruitment Advertising Benchmarks 2026, and explore the main sources of labour market intelligence data.
Frequently Asked Questions
How many job openings are there per unemployed person in 2026?
In August 2026, there were about 1.0 job openings per unemployed person in the US: 7.08 million openings and 7.03 million unemployed people.
What was the highest job openings per unemployed person ratio?
The ratio peaked at about 2.0 in March 2022, when there were 12.3 million job openings and about 6.0 million unemployed people.
What is the difference between openings per unemployed and unemployed per opening?
They are the same measure inverted. BLS publishes unemployed persons per job opening. A value of 0.5 unemployed per opening equals 2.0 openings per unemployed person.
Where does the data come from?
Job openings come from the BLS Job Openings and Labor Turnover Survey (JOLTS). Unemployed persons come from the BLS Current Population Survey, published in the monthly Employment Situation report.
Why does the ratio matter to recruiters?
It signals how much competition employers face for candidates. A higher ratio usually means higher cost per applicant and longer time to fill. A lower ratio usually means more applications and more screening work.
Is the ratio the same for every industry?
No. In August 2026, the openings rate ranged from 5.4% in health care and social assistance to 2.9% in construction, so hiring difficulty varies widely by sector.
