How tight is the labor market? Let's look at four different ways to assess it: prime age employment rate, the unemployment rate, unemployed per job opening, and the quits rate. This figure scales them all to be comparable using data from roughly two decades prior to the pandemic. 
All of them are tighter than they were, on average, in the roughly two decades before the pandemic. Do not, however, confuse that with maximum employment--the economy was almost certainly below maximum employment, on average, over that period.
The quits rate is off-the-charts tight: it is 4 standard deviations tighter than it was pre-pandemic. That is huge. And it matters because the quits rate is as good or better a predictor of both prices and wages than any of these other variables. piie.com/blogs/realtime…
Interestingly the unemployment rate & unemployed-to-job openings are now telling the same story. Very different from earlier this yr. Look at the same chart through April--back then people looking at UR saw a slack labor market but people looking at U/V saw a loose one.
Finally, the prime-age employment rate has improved dramatically this past year but it still lags the other indicators by a sizable margin reflecting the lackluster recovery of labor force participation. It is only 0.6 standard deviations tighter than it's pre-COVID average.
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