This under-the-radar labor market chart is scaring economists right now

A 'now hiring' sign is displayed in a business window in Manhattan on September 05, 2025 in New York City.

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• The Beveridge curve signals potential US labor market deterioration despite steady unemployment.
• Economists warn that falling job vacancy rates could mean rising unemployment.
• Indicators like the jobs-workers gap and labor differential suggest recession risks remain elevated.

Is the US labor market in the calm before the storm?