Graphic used to denote By the Numbers articles

It’s not just you—yes, it’s harder now to get a job

Number of open jobs to unemployed persons has fallen to 1:1

BySteve Wyett
June 6, 20256 min read

The mosaic of the job market is weakening, but it is too early to say the job market is signaling a recession. The first week of the month always provides a series of employment reports. With roughly two-thirds of U.S. gross domestic product (GDP) based on consumer spending, it is easy to see why the job market is so important. Consumers with jobs are in a much better position to continue supporting economic growth.

We began this week with the Job Openings and Labor Turnover Survey, also known as JOLTS. This monthly measure provides us with the number of open jobs in our economy, as well as the number of people quitting their jobs and the hiring levels. At its peak, this survey showed two open jobs for every unemployed person. Not surprisingly, the quit rate was elevated, too, as employees felt highly confident about being able to find another job easily. Wage pressures were evident during this period as companies paid more to retain and recruit workers in high demand. In the latest report, however, the number of open jobs is now about equal to the number of unemployed persons and, as one would expect, the quit rate is much lower, reflecting less confidence in finding a new job. Anecdotally, conversations with business owners show turnover rates have slowed dramatically, and with that, wage pressures have subsided as well.

Graph of continuing jobless claims from Jan 2022 to Jan 2025.
Graph of initial weekly jobless claims from Jan 2022 to Jan 2025.

Our charts this week show two parts of the weekly jobless claims report. We see this every Thursday morning, and it provides the timeliest information on the job market. The initial jobless claims report those individuals who are filing for jobless claims for the first time. In effect, this is a measure of firings within the overall job market. Jobless claims have been relatively stable over this period, and a longer-term chart would show jobless claims at remarkably low levels. The upper chart shows continuing claims. And here we see a rising trend indicating that those laid off are remaining unemployed for longer periods. Put another way, getting a new job is harder.

The monthly Department of Labor (DOL) report this month showed the headline unemployment rate remaining stable at 4.2%, while job growth slowed to 139,000. There were also downward revisions totaling 90,000 jobs to the previous two months’ reports. In aggregate, it appears that we are seeing a job market where employers are hesitant to cut a lot of jobs but are also slowing their new hiring plans. This makes sense in a period of uncertainty, as companies remember how hard it was to hire workers over the past couple of years, but they don’t want to add workers when policy shifts might slow economic growth. For now, we can say that the job market is still supporting positive economic growth. However, without policy clarity and a path forward for further growth, this economic support could falter.

Disclosure

Download the full report

Get By the Numbers delivered to your inbox.

Subscribe (Opens in a new tab)

Related Content

    BOK Financial Corporation is a more than $50 billion regional financial services company headquartered in Tulsa, Oklahoma with more than $105 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc., and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas and BOK Financial (in Arizona, Arkansas, Colorado, Kansas and Missouri); as well as having limited purpose offices Nebraska, Wisconsin, Connecticut and Tennessee. The entities held by BOK Financial Corporation are periodically referred to collectively as BOK Financial Corporation Group. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

    Securities, insurance, and advisory services offered through BOK Financial Securities, Inc., member FINRA/SIPC and an SEC registered investment adviser. Services may be offered under our trade name, BOK Financial Advisors.

    Investments involve risk, including loss of principal. Past performance does not guarantee future results. There is no assurance that the investment process will consistently lead to successful investing. Asset allocation and diversification do not eliminate the risk of experiencing investment losses. Risks applicable to any portfolio are those associated with its underlying securities.

    INVESTMENT AND INSURANCE PRODUCTS ARE: NOT FDIC INSURED | NOT GUARANTEED BY THE BANK OR ITS AFFILIATES | NOT DEPOSITS | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | MAY LOSE VALUE.

    The content in this article is for informational and educational purposes only and does not constitute legal, tax or investment advice. Always consult with a qualified financial professional, accountant or lawyer for legal, tax and investment advice. Neither BOK Financial Corporation nor its affiliates offer legal advice.

    BOK Financial® is a trademark of BOKF, NA. Member FDIC. Equal Housing Lender . © 2025 BOKF, NA.