Figure 3 plots the co-movement of unemployment and job vacancy rates since 2007.5 Consistent with a substantial decline in aggregate demand, followed by some modest recovery, movements in unemployment and vacancies since 2007 display a predominantly inverse relationship.
However, figure 3 shows that as job vacancies have risen during the recovery, unemployment has declined by less than might have been expected based on the relationship that prevailed during the contraction. This outcome has led some to suggest that the Beveridge curve has shifted outward, reflecting an increase in the extent of job mismatch.