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Correlation
of values
-24%
In sync
of periods
46%
History
monthsmonths · through 2026-07
308
These move in the same direction about 46% of the time
Their swing sizes only faintly mirror each other (~6% of the pattern is shared).
Roughly random — these don't track each other in a meaningful way.
On a log scale so equal % moves take equal vertical space — best when one series has grown much faster than the other.
What to Watch
Smoothed U.S. Recession Probabilities moves ~9 months before Job Openings
Watch Smoothed U.S. Recession Probabilities for an early read on Job Openings.
Holds in both up and down markets
The relationship is similar whether prices are rising or falling — reliable in both directions.
Flips between sync and inverse
Sometimes the two move together, sometimes opposite. Don't treat this as a stable signal.
Advanced
Statistics
In sync(i)
46%
Headline metric
Movement correlation(i)
-24%
Based on values
95% CI
-34% → -13%
Likely range of correlation
Pipeline
Pipeline Summary
308 paired data points survived the monthly window.
Raw input
308
710
Normalized
308
710
Prepared
308
710
Aligned
308
308
Invalid removed
R²(i)
6%
Variance explained
Significance
p < 0.001
Statistical confidence
Data points(i)
308
Robust
Time-Shifted Correlation
See how correlation changes when one series is offset in time. A taller bar at a non-zero shift means the two move together better when one leads the other — that's a potential lead/lag signal.
Correlation by shift
Click a bar to inspect. Range: -18 to 18 months.
Selected shift
-9 months
Correlation at this shift
-31%
+7% stronger than no-shift baseline
Smoothed U.S. Recession Probabilities shifted 9 months later. Reads: "Does Job Openings today line up with Smoothed U.S. Recession Probabilities 9 months ago?"
299 overlapping points at this shift
Baseline
-24%
No-shift correlation, matching the main time-series chart above.
Peak shift
-9 months
-31%
A non-zero peak suggests one series lines up better when shifted against the other.
Stability
How the correlation evolves over time. A stable line means the relationship is reliable; large swings signal regime-dependent behavior.
Do They Crash Together?
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
-13%
40 periods · Return correlation when both series rose
Both Falling
+17%
39 periods · Return correlation when both series fell
Diverging
-39%
114 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
402
A: 0 / B: 402
Series A
Job Openings
JTSJOL
FRED · 308 raw → 308 prepared
Series B
Smoothed U.S. Recession Probabilities
RECPROUSM156N
FRED · 710 raw → 710 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
7
Estimated crossover points between normalized spreads.
Slope
-0.0023
Linear regression slope.
Intercept
19.5527
Linear regression intercept.
Saved 4 months ago · ID: fred-jtsjol_fred-recprousm156n_monthly_5y