Research from the Federal Reserve Bank of San Francisco
The NEI can be thought of as a composition-adjusted measure of the entire pool of available job seekers.Using this measure of the job seeker pool, we can express changes in the average employment transitionrate in the economy as the sum of changes coming from three components: the ratio of vacancies to jobseekers (labor market tightness), the average search effectiveness of job seekers, and the remainder that represents aggregate matching efficiency.
There, we have two colors (job seekers and hirings) plus a pit boss. They talk search times but they really mean search queue length.
I didn't invent the idea, I stole it from these folks.
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