The relationship between the rate of job openings and unemployment in the United States has broken down since the 2008 crisis, Narayana Kocherlakota, the president of the Minneapolis Federal Reserve, said on 17 August.

In general, unemployment declines when the rate of job openings increases, and that relationship held during the 2000-1 crisis and the subsequent recovery, Kocherlakota said. However, "over the past year, [that] relationship has been completely shattered," he said, noting that