Job Openings Reach Pre-Pandemic Levels
After more than three years of gradual decline from historic highs, job openings on Indeed have returned to pre-pandemic levels, according to data from Recruit Lab Index.
As of October 24, the index registered at 101.9, which is just 1.9% above the February 2020 benchmark of 100. This marks a steady normalization of the labor market since job openings peaked in early 2022. This data is particularly relevant given the ongoing government shutdown, which has paused the release of official employment statistics. Economists, investors, and policymakers now rely on private sources like Indeed and ADP to assess the health of the labor market since the Department of Labor cannot release monthly job openings and turnover surveys or payroll reports.
In March 2022, as employers faced challenges in filling positions during the post-pandemic recovery, job openings on Indeed hit an all-time high of 161.5. Since then, there has been a 36.9% decline, albeit gradually rather than suddenly.
Throughout 2025, the index dropped at a rate of about 1 to 2 points monthly. It averaged 110.8 in January but fell to 102.2 by October, marking a 7.7% decline over ten months.
Current trends suggest this cooling pattern is steady. Job openings have decreased by 1.2% in the last month, 3.4% over three months, and 4.7% over six months.
This data shows no signs of a sudden downturn or worsening in October. The month’s decline of about 1.6 points aligns with the consistent monthly declines of 1-2 points observed over the past 3.5 years since the peak in 2022. It indicates a continuation of existing trends rather than a drastic change in labor market conditions.
It appears there’s a controlled normalization of the labor market instead of a sharp decline. Notably, August’s figures showed a temporary rise of 1.03 percentage points before resuming the downward trend in September and October.
Economists describe this gradual decline in job openings as part of a “soft landing” scenario, suggesting the labor market is cooling enough to alleviate wage pressures and inflation without triggering massive layoffs or a recession.
The Indeed Hiring Lab index monitors job postings on Indeed.com with a base date of February 1, 2020. Its lowest point of 61.8 was recorded on May 14, 2020, during the early phase of the COVID-19 pandemic.
