A Soft Landing Depends Where Post-Pandemic Meets Postwar Britain on Blind Curve – Bloomberg

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A soft landing is on the line in the debate testing the relationship between job vacancies and employment named for a giant of Britain’s welfare state. 
Economist William Beveridge, center, in 1944.
Photographer: Mirrorpix/Getty

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Back in June, I wrote about a resurgence of interest in the Beveridge Curve, which was highlighted in a speech by the Fed Governor Christopher Waller. The Beveridge Curve, named after a great British economist to whom I’ll return later, maps the level of vacancies in an economy against the level of employment. Generally, employment and vacancies rise together, steadily strengthening the negotiating power of trade unions; and they also fall together. That can be seen as moving along the curve. But there are times when the whole curve moves — when any given level of vacancies is associated with a higher or lower level of unemployment than it used to be. 

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