St. Louis Fed, Report:  The Evolution of Job Applications and Job-Finding Rates since the 1980s

“The number of job applications has increased since the 1980s with the information and communications technology revolution, yet job-finding rates remain unchanged. We present empirical evidence for two mechanisms underlying this phenomenon: Increased job applications among all workers heighten competition for offers, lowering a given worker’s likelihood of being offered a job. Also, workers with an offer in hand are less likely to accept because they apply for more jobs and thus consider other potential offers. Declines in both job offers and offer acceptance rates are forces behind the lack of an increase in job-finding rates over time, despite the increase in the number of job applications.”