This paper examines the relationship between labour market conditions and wage dynamics by exploiting a unique dataset of more than one million online job vacancies. We find a weak trade-off between aggregate wage inflation and unemployment. This link becomes more evident when the wage inflation is disaggregated at the sectoral and occupational level. The examination, using vacancy-level data, shows a negative correlation between offered wage and unemployment. The degree of wage elasticity, however, is different across regions and skill segments. Our findings suggest the importance of micro-level data's unique dimensions in examining the wage – unemployment relationship.

本文通过利用超过一百万个在线职位空缺的独特数据集来研究劳动力市场状况与工资动态之间的关系。我们发现总工资通胀和失业之间的权衡很弱。当工资通胀在部门和职业层面被分解时，这种联系变得更加明显。该检查使用空缺水平数据，显示提供的工资与失业率之间存在负相关。然而，工资弹性的程度因地区和技能部门而异。我们的研究结果表明，微观数据的独特维度在检查工资-失业关系中的重要性。