A chart shows trend lines illustrating the change in the relationship between nominal wage changes in percent and the ratio of job vacancies to unemployment for certain years in which the labor market softened: 1969, 1973, 1979, 1989, 1999, 2008, and 2023. For all of those years except 2023, both the ratio of job vacancies to unemployment and wage change percentages trended lower over time. The data available so far in 2023, however, shows the ratio of job vacancies to unemployment trending lower but wage change percentages trending higher.