U.S. job openings surged during the post-pandemic hiring boom, but the labor market has gradually cooled since reaching its peak in 2022.
The chart tracks annual average job openings from 2015 through 2025 using Job Openings and Labor Turnover Survey data.
Openings climbed sharply after the pandemic disruption, then declined steadily as hiring demand normalized across the economy.
The Hiring Boom Reached Its Peak in 2022
Job openings hit approximately 11.8 million in 2022, the highest point in the chart.
That was a dramatic increase from around 6.3 million openings in 2020 during the early pandemic slowdown.
The surge reflected one of the strongest hiring environments in modern labor market history. Businesses across healthcare, retail, logistics, hospitality, and professional services competed aggressively for workers as the economy reopened.
Many employers faced labor shortages and raised wages or expanded recruiting efforts to fill vacant positions.
Job Openings Have Since Declined
After peaking in 2022, job openings fell consistently over the next several years.
By 2025, openings declined to roughly 7.0 million, down nearly 4.8 million from the peak.
Even with that decline, the labor market remained above pre-pandemic levels. Job openings in 2025 still exceeded the roughly 5.5 million openings recorded in 2015.
That suggests hiring demand cooled substantially, but did not fully collapse.
The Labor Market Shifted From Expansion to Normalization
The chart shows a clear transition from extreme labor demand toward a more balanced hiring environment.
During 2021 and 2022, employers expanded payrolls rapidly while workers changed jobs at unusually high rates. Companies often posted multiple openings simultaneously to compete for talent.
As inflation pressures increased and economic growth slowed, hiring activity became more cautious.
Businesses reduced expansion plans, slowed recruiting, and focused more heavily on productivity and cost control.
Why Openings Declined
Several factors likely contributed to the cooldown.
Higher interest rates increased borrowing costs for businesses and reduced investment activity in interest-sensitive industries such as housing and technology.
At the same time, labor force participation improved compared with pandemic lows, easing some staffing shortages that had fueled aggressive hiring earlier in the recovery.
The result was a labor market that remained active, but less overheated than during the post-pandemic surge.
What This Means for Workers
The decline in job openings signals a more competitive labor market compared with the unusually strong conditions of 2021 and 2022.
Workers may now face slower hiring timelines, fewer openings per applicant, and reduced bargaining power compared with the peak hiring boom.
However, openings remain historically elevated relative to much of the pre-pandemic period.
That means opportunities still exist across many sectors, particularly for workers with specialized skills, technical experience, or industry flexibility.
The broader trend suggests the labor market is moving toward stabilization rather than entering a severe contraction.
Dataset
Data Sources
Federal Reserve Bank of St. Louis (FRED). (2026). Job Openings: Total Nonfarm (JTSJOL). https://fred.stlouisfed.org/series/JTSJOL
U.S. Bureau of Labor Statistics. (2026). Job Openings and Labor Turnover Survey (JOLTS). https://www.bls.gov/jlt/
U.S. Bureau of Labor Statistics. (2026). Job Openings and Labor Turnover Summary. https://www.bls.gov/news.release/jolts.nr0.htm
