DHI-DFH Measure of National Mean Vacancy Duration
January 2001 to March 2016

The duration measure reflects the vacancy concept in the Job Openings and Labor Turnover Survey (JOLTS).  Specifically, a job opening gets “filled” according to JOLTS when a job offer for the open position is accepted.  So the DHI-DFH vacancy duration statistics refer to the average length of time required to fill open positions.  Typically, there is also a lag between the fill date and the new hire's start date on the new job.

“Overall, labor markets have tightened modestly in recent months” said Dr. Steven Davis, William H. Abbott Professor of International Business and Economics at the University of Chicago Booth School of Business and co-creator of the DHI-DFH Recruiting Intensity Index and the DHI-DFH Mean Vacancy Duration Measure. 

"Industries such as tech and healthcare have been leading growth in the economy over the past five years with jobs created and above average turnover as professionals leave one position to jump to another,” said Michael Durney, President and CEO of DHI Group, Inc. “Overall, while job upticks may not be at the same clip as earlier in the recovery, employers hiring and recruiting for professionals in select categories continue to have a sense of urgency to fill open roles.”


Recruiting Intensity Per Vacancy
January 2001 to March 2016

The DHI-DFH Recruiting Intensity Index, plotted in the above chart, fell to 1.03 in March from a revised value of 1.07 in February.

 


Measures of Labor Market Slack
January 2001- March 2016

The above chart displays four other indicators of labor market slack, including a new indicator developed at the Federal Reserve Bank of Richmond, alongside the mean vacancy duration.  All four measures in the chart point to considerable tightening of U.S. labor markets since mid-2009. The ratio of job vacancies to short term unemployment and the vacancy duration measure suggest a stronger labor market recovery than the quits rate or the ratio of job vacancies to all unemployed persons.