AC ratio vs. nominal wage growth, 1995–2026

AC ratio: job-to-job (EE) rate from FRED FMPSA (Fujita, Moscarini & Postel-Vinay) divided by the job-finding (UE) rate constructed from FRED LNS17100000 and UNEMPLOY; shown here as a trailing 3-month moving average.
Nominal wage growth: year-on-year % change in average hourly earnings of production & nonsupervisory employees, total private, FRED AHETPI, shown here as a trailing 3-month moving average of the raw YoY series.
Data gap, Oct–Nov 2025: the AC ratio has a break there (BLS gross-flows data were not published during the government shutdown); AHE wage data are unaffected.