Sunday with Beveridge Curves

David R. Kotok
Sun Jan 23, 2022

The link below takes you to Cumberland’s website, where 36 slides depict various United States labor force metrics, before and during the pandemic period. We’ve used the Beveridge curve concept to create the slides.


Sunday with Beveridge Curves - COVID Spike


These graphics are purposefully not smoothed. That is intentional so that readers may fully appreciate the size of the Covid shock and its extremes reached in early 2020 and the recovery since. Please note that these are monthly data points. Normally, we would smooth them to reduce the visual impression of volatility. But for today’s message, we must break from the “smoothing” convention.
Cumberland grants any reader full permission to share the slides and the link as long as attribution is given. All statistical sources are from the national agencies of the United States.
If you have trouble with the link or loading the slides (give it time), please email me, and we will provide assistance to any reader.
“A picture is worth a thousand words,” said Arthur Brisbane (

Here are 36 of them. And here’s the link:
Interested in a quick primer on Beveridge curves? Explore here:

David R. Kotok
Chairman & Chief Investment Officer
Email | Bio

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