Job openings are defined as the total number of unfilled job vacancies at the last business day of the month (JOLTS survey). A position counts as open if work is available, it can start within 30 days, and active recruiting is underway. Total Nonfarm covers both private-sector and government employers. Job openings can decline either because positions get filled or because employers remove them without hiring — making the trend especially informative. A high level of openings tends to keep unemployment low and wages elevated, reducing the likelihood of Fed rate cuts. Historically, a sustained drop in openings has preceded recessions and equity market weakness, while the S&P 500 has shown a strong positive correlation with the level of job openings. Note: JOLTS data is released by the BLS with approximately a 6-week lag — the most recent available data point is typically 1–2 months behind the current date. Data sourced from FRED (Federal Reserve Bank of St. Louis), JOLTS program (Bureau of Labor Statistics), available from December 2000.