Labor demand has recovered but labor supply has not 170  Quarterly  Millions Payroll employment plus job openings Labor force  170  165  165  160  160  155  155  150  150  145  145  140  140  135  135 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Note: CPS labor force data adjusted for effects of population controls.
Solid circles give January levels. Source: For labor force, Bureau of Labor Statistics, Employment Situation; for payroll employment plus job openings, Bureau of Labor Statistics, Job Openings and Labor Turnover Survey, via Haver Analytics; for both, Federal Reserve Board staff calculations. Figure 4.