# European Beveridge curve | PIER20 benchmarks

Are European labor markets becoming tighter or looser?

European Beveridge curve tracks job vacancies and unemployment with a percentile tightness score. It uses quarterly data.

The latest data is from **Q4 2025**. The Vacancy rate reading is **2.20%**. The Unemployment rate reading is **6.20%**. The Labor tightness reading is **69.51 index (0–100)**. The Vacancy rate line is down 0.3 pp over the past year. It is above its long-run median of 2.00%.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Vacancy rate | 1.40 | 2.20 | 1.30 | 3.30 |
| Unemployment rate | 10.10 | 6.20 | 6.10 | 12.60 |
| Labor tightness | 48.70 | 69.51 | 29.16 | 98.78 |

## Last 24 readings

| Date | Vacancy rate | Unemployment rate | Labor tightness |
|---|---|---|---|
| Q1 2020 | 2.00 | 7.50 | 84.15 |
| Q2 2020 | 1.60 | 7.30 | 75.00 |
| Q3 2020 | 1.80 | 8.40 | 71.95 |
| Q4 2020 | 1.90 | 8.10 | 73.78 |
| Q1 2021 | 2.10 | 8.50 | 76.83 |
| Q2 2021 | 2.40 | 7.90 | 90.24 |
| Q3 2021 | 2.70 | 7.40 | 93.90 |
| Q4 2021 | 2.90 | 7.10 | 98.78 |
| Q1 2022 | 3.10 | 7.10 | 98.17 |
| Q2 2022 | 3.30 | 6.60 | 98.78 |
| Q3 2022 | 3.20 | 6.60 | 96.95 |
| Q4 2022 | 3.20 | 6.60 | 95.73 |
| Q1 2023 | 3.10 | 6.90 | 90.85 |
| Q2 2023 | 3.10 | 6.30 | 93.90 |
| Q3 2023 | 3.00 | 6.50 | 90.24 |
| Q4 2023 | 2.80 | 6.50 | 87.20 |
| Q1 2024 | 2.80 | 6.80 | 81.10 |
| Q2 2024 | 2.60 | 6.30 | 84.76 |
| Q3 2024 | 2.50 | 6.20 | 84.15 |
| Q4 2024 | 2.50 | 6.10 | 83.54 |
| Q1 2025 | 2.30 | 6.60 | 68.29 |
| Q2 2025 | 2.20 | 6.30 | 68.90 |
| Q3 2025 | 2.20 | 6.30 | 67.68 |
| Q4 2025 | 2.20 | 6.20 | 69.51 |

## How to read this benchmark

**How to read it.** Higher vacancies and lower unemployment indicate a tighter labor market. The tightness score combines both measures.

## How this benchmark is used

**Why traders watch it.** Rates and equity traders use this benchmark to track European labor-market tightness.

## Frequently asked questions

**What is the latest reading for European Beveridge curve?**

The latest data is from Q4 2025. The Vacancy rate reading is 2.20%. The Unemployment rate reading is 6.20%. The Labor tightness reading is 69.51 index (0–100). The Vacancy rate line is down 0.3 pp over the past year. It is above its long-run median of 2.00%.

**How often does this benchmark update?**

The source publishes quarterly data. PIER20 updates the page after each new observation. The chart shows the data date and fetch date.

**What data sources does this chart use?**

Eurostat publishes the data. The methodology section lists each source series.

**Where does the data come from?**

Eurostat publishes the source data. The source table lists each series and its exact link.

## Methodology

- Formula: Job vacancies and unemployment with a percentile tightness score
- Frequency: Quarterly
- Sources: Vacancy rate (vacancy-rate) https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/jvs_q_nace2?freq=Q&s_adj=SA&nace_r2=B-S&sizeclas=TOTAL&indic_em=JVR&geo=EA21; Unemployment rate (unemployment-rate) https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/lfsq_urgan?freq=Q&unit=PC&sex=T&age=Y15-74&citizen=TOTAL&geo=EA21; Labor tightness (labour-tightness) https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/jvs_q_nace2?freq=Q&s_adj=SA&nace_r2=B-S&sizeclas=TOTAL&indic_em=JVR&geo=EA21. Data via Eurostat.
- Data through: Q4 2025
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/european-beveridge-curve
Disclaimer: research software output, not investment advice.