This data package includes the underlying data to replicate the charts, tables, and calculations presented in Labor market tightness and inflation before and after the COVID-19 pandemic, PIIE Working Paper 24-23.

If you use the data, please cite as:

Bloesch, Justin. 2024. Labor market tightness and inflation before and after the COVID-19 pandemic. PIIE Working Paper 24-23. Washington: Peterson Institute for International Economics.

Unemployment Rate in the United States remained unchanged at 4.20 percent in May. This dataset provides the latest reported value for - United States Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This table provides information about labor supply and demand conditions in occupational labor markets in North Carolina’s eight regions (“Prosperity Zones”) and the statewide total.

A “Career Cluster” is a broad group of occupations. Each Career Cluster contains occupations that require similar knowledge and skills. A “Career Pathway” is a specific group of occupations falling under a broader “Career Cluster”. Specific occupations falling within a given Career Cluster, Career Pathway, and education level can be found on the Star Jobs table.

These data can be used to compare occupational labor markets within a given region. A low supply/demand rate indicates a “tight” labor market—with few jobseekers per job opening—while a high supply/demand rate indicates a “slack” labor market. A tight labor market presents opportunities for jobseekers, but can lead to challenges for employers looking to hire.

These data can also be used to assess the alignment between the labor market and our state’s talent pipeline. “Labor needed” is the amount of additional labor supply needed to attain the statewide or regional supply/demand rate. “Completers” is the average number of individuals completing higher education programs at the University of North Carolina system or the North Carolina Community College System.

Data are updated on an annual basis to accommodate methodology improvements and revisions to the underlying data inputs.

Technical details about methodology can be found here.

Data sources:

Labor supply: LEAD analysis of data from the U.S. Bureau of Labor Statistics and the U.S. Census Bureau (American Community Survey, 2014-2016 average)

Labor demand: LEAD analysis of data from the Conference Board^© and the U.S. Bureau of Labor Statistics (2014-2016 average)

Completers: LEAD analysis of data from the N.C. Common Follow-up System (2010-2015 average)

Graph and download economic data for Job Openings: Total Nonfarm (JTSJOL) from Dec 2000 to Apr 2025 about job openings, vacancy, nonfarm, and USA.

Revenue in the Temporary Employment Agency industry is anticipated to drop at a compound annual rate of 4% in the five years through 2024 to €236.5 billion. The COVID-19 outbreak meant key employers of temporary workers in the hospitality and tourist sector shut their doors, and companies froze hiring due to economic uncertainty - a sizeable blow to revenue in the three years through 2022. Workers on temporary contracts represented a significant chuck of employment losses in all quarters of 2020. According to Eurostat data, temporary employment declined across Europe in the four years from 2017 to 2020, dipping from 13.8% to 11.9%. Since COVID-19 has slowed, companies have resumed hiring as confidence levels have been restored and vacancy levels have soared. An increasingly tight labour market encourages employers to rely on temporary employment placement agencies to fight in an increasingly competitive market. Several countries rank highly in terms of temporary workers with a large short-term job market. In 2022, the Netherlands and Spain have more than 15% of employed people under temporary contracts, according to Eurostat. Industry revenue is expected to shrink by 1.6% in 2024. Revenue is expected to grow at an annual rate of 4.5% in the five years through 2029 to €295.4 billion. With the labour market is likely to remain tight in many countries due to skill mismatches, employers will keep turning to placement agencies for their databases to track and identify the right candidates. Companies will lean on temporary hires as the economic outlook remains unclear and inflation keeps squeezing budgets. The automation of more routine jobs will be a threat to some long-standing temporary jobs. Across Europe, countries that traditionally rely on a strong network of short-term workers are implanting policies that may disrupt or expand services. Spain has already introduced reforms that are taking effect to increase permanent positions and remove temporary contracts, while Italy is expanding its voucher scheme to encourage temporary hires.

With the collapse of the U.S. housing market and the subsequent financial crisis on Wall Street in 2007 and 2008, economies across the globe began to enter into deep recessions. What had started out as a crisis centered on the United States quickly became global in nature, as it became apparent that not only had the economies of other advanced countries (grouped together as the G7) become intimately tied to the U.S. financial system, but that many of them had experienced housing and asset price bubbles similar to that in the U.S.. The United Kingdom had experienced a huge inflation of housing prices since the 1990s, while Eurozone members (such as Germany, France and Italy) had financial sectors which had become involved in reckless lending to economies on the periphery of the EU, such as Greece, Ireland and Portugal. Other countries, such as Japan, were hit heavily due their export-led growth models which suffered from the decline in international trade. Unemployment during the Great Recession As business and consumer confidence crashed, credit markets froze, and international trade contracted, the unemployment rate in the most advanced economies shot up. While four to five percent is generally considered to be a healthy unemployment rate, nearing full employment in the economy (when any remaining unemployment is not related to a lack of consumer demand), many of these countries experienced rates at least double that, with unemployment in the United States peaking at almost 10 percent in 2010. In large countries, unemployment rates of this level meant millions or tens of millions of people being out of work, which led to political pressures to stimulate economies and create jobs. By 2012, many of these countries were seeing declining unemployment rates, however, in France and Italy rates of joblessness continued to increase as the Euro crisis took hold. These countries suffered from having a monetary policy which was too tight for their economies (due to the ECB controlling interest rates) and fiscal policy which was constrained by EU debt rules. Left with the option of deregulating their labor markets and pursuing austerity policies, their unemployment rates remained over 10 percent well into the 2010s. Differences in labor markets The differences in unemployment rates at the peak of the crisis (2009-2010) reflect not only the differences in how economies were affected by the downturn, but also the differing labor market institutions and programs in the various countries. Countries with more 'liberalized' labor markets, such as the United States and United Kingdom experienced sharp jumps in their unemployment rate due to the ease at which employers can lay off workers in these countries. When the crisis subsided in these countries, however, their unemployment rates quickly began to drop below those of the other countries, due to their more dynamic labor markets which make it easier to hire workers when the economy is doing well. On the other hand, countries with more 'coordinated' labor market institutions, such as Germany and Japan, experiences lower rates of unemployment during the crisis, as programs such as short-time work, job sharing, and wage restraint agreements were used to keep workers in their jobs. While these countries are less likely to experience spikes in unemployment during crises, the highly regulated nature of their labor markets mean that they are slower to add jobs during periods of economic prosperity.

In the three months to May 2025, there were approximately 736,000 job vacancies in the UK, the fewest number of job vacancies since April 2021. The number of job vacancies in the United Kingdom reached a record high of 1.3 million in the three months to May 2022, with the number of vacancies steadily falling since then. During the provided time period, the number of job vacancies fell to its lowest levels in the months leading to June 2020, at just 328,000, at the height of COVID-19 restrictions. Tight labor market beginning to loosen After weathering the economic storm of COVID-19, the UK labor market has been reasonably healthy since 2021. The unemployment rate, which reached 5.1 percent in late 2020, declined in the following months, to a post-pandemic low of 3.5 percent by August 2022. Since that point, however, the unemployment rate has crept up, and was 4.4 percent in November 2024. Resignations have also started to decline, after reaching a peak of 442,000 in the second quarter of 2022, there were just 181,000 in the third quarter of 2024. Which industries are experiencing staff shortages? The percentage of businesses reporting a staff shortage in the UK reached 15.7 percent in September 2022, before falling to just 9.7 percent by October 2023, another indication of a loosening labor market. According to data from that month, approximately 1 in 4 UK businesses in the accommodation and food services had a shortage of staff, the highest of any sector, followed by human health and social work at 18.4 percent, and manufacturing at 17.6 percent. Many of the recent struggles of Britain's National Health Service are directly related to staff shortages, with the public seeing a shortage of doctors and nurses, and overworked staff as some of the main problems facing the NHS.

Employment placement agencies in Europe’s revenue is anticipated to contract at a compound annual rate of 3.2% over the five years through 2024 to €47.8 billion. The COVID-19 outbreak tanked business confidence and expansion plans because of economic uncertainty after months of global lockdowns, forcing hiring freezes in a tricky time for employment agencies. 2022 marked a resurgence for agencies. According to Eurostat data, employment in the EU reached a record peak of 74.6% in 2022, with unemployment falling month-on-month to 5.9% in August 2023. Companies enjoyed a post-COVID-19 boom in hiring, as the economy reopened and company’s began to look to expand thanks to improved business confidence which kept employment agencies busy. The labour market has proved resilient against the economic background of rising interest rates and high inflation but remains tight with several unfilled vacancies. Vacancies remain well above pre-pandemic levels but have steadily dipped from the sharp rise post-COVID-19 as companies unfroze hiring decisions, indicating a skills mismatch between job seekers and roles that agencies are struggling to negotiate. Several countries attempt to address long-standing labour shortages to ameliorate professional mobility and offer training courses for in-demand skills through agencies. France, for example, is addressing youth unemployment through upskilling training programmes. Public sector hiring in Germany and Spain in health and education also pushes revenue growth for agencies compared to stunted private sector demand. Revenue is expected to slump by 1.3% in 2024 amid job cuts in the technology sector. Revenue is projected to swell at a compound annual rate of 4.3% over the five years through 2029 to reach €58.9 billion. Agencies will continue to target revenue growth by elevating their online presence, specialising their services towards more niche sectors and targeting executives and upper management positions. Technological developments remain a threat to recruiters, with HR AI systems like Paradox able to scan networking platforms such as LinkedIn for candidates. Companies’ in-house HR teams are expanding too. The sustainability sector looks to be a hot property job market to target, but potential shortages in both high and low-skilled occupations driven by employment growth in STEM professions and healthcare will create hurdles in the hiring process in other sectors.

We examine the impact of labour and product market reforms on economic growth in 25 OECD countries between 1985 and 2013, and tests whether this impact is conditioned by the fiscal policy stance. Our local projection results suggest that controlling for endogeneity of reforms (by the Augmented Inverse Probability Weighted estimator) and fiscal policy is crucial. Our results show that product market reforms mostly cause slight negative growth, except when implemented during periods of neutral fiscal policy. Labour market reforms hurt growth under tight and neutral fiscal policy, but are conducive to economic growth if introduced during periods of expansionary fiscal policy.

Revenue in the Temporary Employment Agency industry is anticipated to drop at a compound annual rate of 4% in the five years through 2024 to €236.5 billion. The COVID-19 outbreak meant key employers of temporary workers in the hospitality and tourist sector shut their doors, and companies froze hiring due to economic uncertainty - a sizeable blow to revenue in the three years through 2022. Workers on temporary contracts represented a significant chuck of employment losses in all quarters of 2020. According to Eurostat data, temporary employment declined across Europe in the four years from 2017 to 2020, dipping from 13.8% to 11.9%. Since COVID-19 has slowed, companies have resumed hiring as confidence levels have been restored and vacancy levels have soared. An increasingly tight labour market encourages employers to rely on temporary employment placement agencies to fight in an increasingly competitive market. Several countries rank highly in terms of temporary workers with a large short-term job market. In 2022, the Netherlands and Spain have more than 15% of employed people under temporary contracts, according to Eurostat. Industry revenue is expected to shrink by 1.6% in 2024. Revenue is expected to grow at an annual rate of 4.5% in the five years through 2029 to €295.4 billion. With the labour market is likely to remain tight in many countries due to skill mismatches, employers will keep turning to placement agencies for their databases to track and identify the right candidates. Companies will lean on temporary hires as the economic outlook remains unclear and inflation keeps squeezing budgets. The automation of more routine jobs will be a threat to some long-standing temporary jobs. Across Europe, countries that traditionally rely on a strong network of short-term workers are implanting policies that may disrupt or expand services. Spain has already introduced reforms that are taking effect to increase permanent positions and remove temporary contracts, while Italy is expanding its voucher scheme to encourage temporary hires.

In the first quarter of 2025, approximately 220,000 job resignations took place in the United Kingdom, compared with 271,000 in the previous quarter. The number of resignations in Q2 2022 was the highest number taking place in a single quarter during this provided time period, reaching 446,000. In most years, there is a noticeable trend of resignations peaking in the fourth quarter of the year and being at their lowest in the first quarter. There is also a significant fall in people resigning from their jobs after the 2008 financial crisis and after the COVID-19 pandemic in 2020. The Great Resignation The high number of resignations that took place after COVID-19 hit also occurred in the United States. Throughout 2022, approximately 50 million American workers quit their jobs in a trend dubbed 'The Great Resignation' In both the UK and U.S. the trend corresponded with a very tight labor market. After emerging from the initial COVID-19 lockdowns, UK unemployment declined from 2021 onwards, falling to a low of just 3.6 percent in August 2022. There were also numerous job vacancies, which peaked in May 2024 at 1.3 million, though by the end of 2024, both indicators have returned to more typical levels. Labor market concerns for 2025 One of the main concerns of the UK government regarding the labor market is economic inactivity, in particular the reason for this inactivity, Since the COVID-19 pandemic, the number of people on long-term sick-leave, has increased substantially. At the start of 2020, there were approximately 2.12 million people economically inactive for this reason, with this increasing to almost 2.84 million by the end of 2023, with this declining only slightly to 2.77 million by the end of 2024. It is unclear if there is one overriding factor driving this surge, with possible causes including the prevalence of Long COVID, or the ongoing NHS crisis.

Revenue in the Temporary Employment Agency industry is anticipated to drop at a compound annual rate of 4% in the five years through 2024 to €236.5 billion. The COVID-19 outbreak meant key employers of temporary workers in the hospitality and tourist sector shut their doors, and companies froze hiring due to economic uncertainty - a sizeable blow to revenue in the three years through 2022. Workers on temporary contracts represented a significant chuck of employment losses in all quarters of 2020. According to Eurostat data, temporary employment declined across Europe in the four years from 2017 to 2020, dipping from 13.8% to 11.9%. Since COVID-19 has slowed, companies have resumed hiring as confidence levels have been restored and vacancy levels have soared. An increasingly tight labour market encourages employers to rely on temporary employment placement agencies to fight in an increasingly competitive market. Several countries rank highly in terms of temporary workers with a large short-term job market. In 2022, the Netherlands and Spain have more than 15% of employed people under temporary contracts, according to Eurostat. Industry revenue is expected to shrink by 1.6% in 2024. Revenue is expected to grow at an annual rate of 4.5% in the five years through 2029 to €295.4 billion. With the labour market is likely to remain tight in many countries due to skill mismatches, employers will keep turning to placement agencies for their databases to track and identify the right candidates. Companies will lean on temporary hires as the economic outlook remains unclear and inflation keeps squeezing budgets. The automation of more routine jobs will be a threat to some long-standing temporary jobs. Across Europe, countries that traditionally rely on a strong network of short-term workers are implanting policies that may disrupt or expand services. Spain has already introduced reforms that are taking effect to increase permanent positions and remove temporary contracts, while Italy is expanding its voucher scheme to encourage temporary hires.

We examine the impact of labour and product market reforms on economic growth in 25 OECD countries between 1985 and 2013, and tests whether this impact is conditioned by the fiscal policy stance. Our local projection results suggest that controlling for endogeneity of reforms (by the Augmented Inverse Probability Weighted estimator) and fiscal policy is crucial. Our results show that product market reforms mostly cause slight negative growth, except when implemented during periods of neutral fiscal policy. Labour market reforms hurt growth under tight and neutral fiscal policy, but are conducive to economic growth if introduced during periods of expansionary fiscal policy.

Employment Agencies Market Size And Forecast

Employment Agencies Market size was valued at USD 18.06 Billion in 2023 and is projected to reach USD 48.53 Billion by 2031, growing at a CAGR of 13.2 % during the forecast period 2024-2031.

Global Employment Agencies Market Drivers

The Employment Agencies Market is influenced by a variety of market drivers, which can significantly impact its growth and development. Some of the key drivers include:

Labor Market Dynamics: The overall health of the labor market, including employment rates, job vacancies, and talent shortages, drives demand for employment agencies. In tight labor markets, companies may rely more on agencies to fill positions quickly. Economic Conditions: Economic growth usually leads to increased hiring, encouraging businesses to use employment agencies for efficient recruitment processes. Conversely, during economic downturns, agencies may experience reduced demand.

Global Employment Agencies Market Restraints

The Employment Agencies Market, while offering various opportunities, also faces several market restraints that can impact its growth and effectiveness. Here are some of the key constraints:

Regulatory Challenges: Employment agencies must navigate a complex web of regulations, labor laws, and compliance requirements that can vary significantly by region. Noncompliance can lead to legal issues and fines. Economic Fluctuations: Economic downturns can lead to reduced hiring by companies, which directly affects the demand for employment agencies. In times of recession, businesses may rely more on internal hiring processes or cut back on staffing altogether.

As of October 2024, there were approximately 12.97 million unemployed people in the European Union, of which 10.84 million were in countries in the Euro Area. During the provided time period, unemployment in the EU peaked in April 2013, when it reached 24.3 million people, with the most recent month having the fewest number of unemployed people.

Revenue in the Temporary Employment Agency industry is anticipated to drop at a compound annual rate of 4% in the five years through 2024 to €236.5 billion. The COVID-19 outbreak meant key employers of temporary workers in the hospitality and tourist sector shut their doors, and companies froze hiring due to economic uncertainty - a sizeable blow to revenue in the three years through 2022. Workers on temporary contracts represented a significant chuck of employment losses in all quarters of 2020. According to Eurostat data, temporary employment declined across Europe in the four years from 2017 to 2020, dipping from 13.8% to 11.9%. Since COVID-19 has slowed, companies have resumed hiring as confidence levels have been restored and vacancy levels have soared. An increasingly tight labour market encourages employers to rely on temporary employment placement agencies to fight in an increasingly competitive market. Several countries rank highly in terms of temporary workers with a large short-term job market. In 2022, the Netherlands and Spain have more than 15% of employed people under temporary contracts, according to Eurostat. Industry revenue is expected to shrink by 1.6% in 2024. Revenue is expected to grow at an annual rate of 4.5% in the five years through 2029 to €295.4 billion. With the labour market is likely to remain tight in many countries due to skill mismatches, employers will keep turning to placement agencies for their databases to track and identify the right candidates. Companies will lean on temporary hires as the economic outlook remains unclear and inflation keeps squeezing budgets. The automation of more routine jobs will be a threat to some long-standing temporary jobs. Across Europe, countries that traditionally rely on a strong network of short-term workers are implanting policies that may disrupt or expand services. Spain has already introduced reforms that are taking effect to increase permanent positions and remove temporary contracts, while Italy is expanding its voucher scheme to encourage temporary hires.

London had the highest unemployment rate among regions of the United Kingdom in the first quarter of 2025 at ****percent, while for the UK as a whole, the unemployment rate was ****percent. Three other regions also had an unemployment rate higher than the national average, while Northern Ireland had the lowest unemployment rate in this time period, at ****percent. Labor market recovery after COVID-19 After reaching historically low levels of unemployment in 2019, there was a noticeable spike in the UK unemployment rate in the aftermath of the COVID-19 pandemic. After peaking at ****percent in late 2020, the unemployment rate declined throughout 2021 and 2022. High levels of job vacancies, resignations, and staff shortages in 2022, were all indicative of a very tight labor market that year, but all these measures have started to point in the direction of a slightly looser labor market. UK's regional economic divide While the North of England has some of the country’s largest cities, the sheer size and economic power of London is much larger than the UK's other urban agglomerations. Partly, due to the size of London, the United Kingdom is one of Europe’s most centralized counties, and there is a clear divide between the economic prospects of north and south England. In 2022, for example, the gross domestic product per head in London was ****** British pounds, far higher than the UK average of *******pounds, and significantly larger than North East England, the region with the lowest GDP per head at *******pounds.

Unemployment Rate in Japan remained unchanged at 2.50 percent in May. This dataset provides the latest reported value for - Japan Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Loader Wagons Market Outlook

The global loader wagons market size is projected to reach approximately USD 3.2 billion by 2032, up from USD 1.8 billion in 2023, at a compound annual growth rate (CAGR) of 6.5%. This significant growth can be attributed to various factors such as increasing mechanization in agriculture and forestry, rising labor costs, and technological advancements in farming equipment.

The primary growth driver for the loader wagons market is the increasing mechanization of agricultural practices worldwide. As farmers seek to enhance productivity and efficiency, there is a growing reliance on advanced machinery like loader wagons. These machines help to streamline the tasks of loading, transporting, and unloading various agricultural materials, which not only saves time but also reduces labor costs. Furthermore, the global population growth and the resultant demand for food have necessitated the adoption of efficient farming practices, thereby boosting the market for loader wagons.

Technological advancements are also playing a crucial role in the loader wagons market's growth. Innovations such as GPS-enabled loader wagons and automated loading systems are enhancing operational efficiency and accuracy. These advancements reduce human errors and improve the overall productivity of farming operations. Additionally, the introduction of more durable and efficient materials in the manufacturing of loader wagons is extending their lifespan and making them more appealing to farmers, thus driving market growth.

Another significant factor contributing to the growth of the loader wagons market is the increasing labor costs in many parts of the world. As wages rise, farmers are looking for ways to minimize their reliance on manual labor. Loader wagons, which can perform the work of multiple laborers, present an attractive solution. This trend is particularly noticeable in developed regions, but it is also gaining traction in developing areas as labor markets tighten and wages increase.

The versatility of loader wagons is further enhanced by the integration of Bucket Loader attachments, which are becoming increasingly popular in the agricultural sector. These attachments allow loader wagons to handle a wider range of materials, from loose soil to bulky hay bales, thereby expanding their functionality. The Bucket Loader is particularly advantageous for farmers who need to perform multiple tasks with a single piece of equipment, reducing the need for additional machinery and thereby cutting costs. This adaptability not only improves efficiency but also maximizes the utility of loader wagons in diverse farming operations. As a result, the demand for loader wagons equipped with Bucket Loaders is on the rise, contributing to the overall growth of the market.

From a regional perspective, the Asia Pacific region is expected to witness substantial growth in the loader wagons market. Countries like China and India, with their large agricultural sectors, are increasingly adopting advanced farming machinery to boost productivity. The North American and European markets are also anticipated to experience growth, driven by the high rate of mechanization and the adoption of new technologies. Meanwhile, regions like Latin America and the Middle East & Africa are gradually catching up, with increasing investments in agriculture and forestry driving demand for loader wagons.

Product Type Analysis

The loader wagons market can be segmented by product type into self-loading, trailed, and mounted loader wagons. Self-loading loader wagons are gaining popularity due to their ability to autonomously gather and transport materials without the need for additional equipment. This efficiency makes them highly desirable, especially for large-scale farming operations where time and labor savings are critical. Self-loading wagons are also known for their precision and ability to handle a variety of materials, making them versatile tools in the agricultural sector.

Trailed loader wagons, which are attached to tractors, continue to be widely used due to their flexibility and ease of use. These wagons are particularly favored by small to medium-sized farms that may not have the resources to invest in more advanced, self-loading models. Trailed loader wagons offer a cost-effective solution that can still significantly improve operational efficiency. Their adoption is driven by the need to enhance productivity without making sub

Hong Kong HK: Labour Force data was reported at 3,937.867 Person th in 2017. This records an increase from the previous number of 3,914.408 Person th for 2016. Hong Kong HK: Labour Force data is updated yearly, averaging 3,342.821 Person th from Dec 1982 (Median) to 2017, with 36 observations. The data reached an all-time high of 3,937.867 Person th in 2017 and a record low of 2,493.242 Person th in 1982. Hong Kong HK: Labour Force data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Hong Kong SAR – Table HK.IMF.IFS: Labour Force, Employment and Unemployment: Annual.