And so, just stepping back about where we are in the macro and how to make sense of that, the U.S. Bureau of Labor Statistics released that in March, the total hires in the U.S. was 5.5 million, seasonally adjusted. And so, if you look back over the last couple of recessions in 2007, right before the GFC, we were actually above $5.5 million in 2007 and then back the previous recession, before the dotcom crash in early January 2001, we were also above $5.5 million. So if you think back over the past 23 years, the GDP of the U.S., adjusted for inflation in real terms, has grown 61%. The labor force or the number of employed people has grown 19%, but over that same time period, the number of hires last month was down 4%. And so that’s an extremely unusual set of backdrop conditions and so when we think about how we are doing in the broad scope of that and our gains with the 65% growth in organic job seeker growth, we feel very good about how we are doing against the market.
Tim Yarbrough: Luke, this is Tim. I will take the second part of the question about revenue per paid employer, where we see that going. So one of the long-term trends that we have seen in this business is that, the revenue per paid employer has reliably trended up over time and so that’s true when you look at it on a consolidated quarterly basis and that’s also true, perhaps more interestingly, when you look at it on an employer cohort basis. So we have disclosed this a couple of times in the past in our annual filings, but if you look at the monthly revenue per employer per annual cohort reliably, those numbers trend up and to the right as each cohort ages. And what we have seen in this last super cycle and the downside is that there have been just a few exceptions, but the larger trends, I think, still hold to be very clearly true.
Now, where do you see this number going? We have a lot of confidence that there’s a lot of headroom in revenue per paid employer and to that we can look at the offline solutions out there right now that are often charging anywhere from 15% to even 30% of first year salary. We are not in the same ballpark as that. And so as our technology gets better and as this overall addressable market of $250 billion start shifting more towards the online solutions, we feel like we have much more pricing power as our technology gets better and better, as we continue to win share away from the offline competition.
Unidentified Analyst: Great. Thank you so much.
Operator: Your last question comes from the line of Justin Patterson with KeyBanc Capital Markets. Please go ahead.
Miles Jakubiak: Hi, there. Thanks for taking the question. This is Miles Jakubiak on for Justin. First, just would love to know or hear your thoughts around visibility, currently compared to the beginning of the year? And then second, just would love to hear more about the efforts to improve application rights or application rates now that you are seeing strong job seeker trends and the impact that can have to the business? Thank you.
Tim Yarbrough: Yeah. This is Tim. I will take the first part of the question. So on visibility, I would say, the future is still pretty murky because we haven’t seen that return to seasonality that we would normally see in a year much more like 2019, for example. So while we are encouraged by these signs of stabilization and by paid employers being up modestly on a quarter-for-quarter basis. I wouldn’t say that we are calling a trough or anything like that so I would say our level of visibility still remains fairly low, which is why we are still guiding one quarter out but again there’s more optimism around the trends that we have seen.
Ian Siegel: And this is Ian, who will — I will take the back half of your question. And when — so when we look at our marketplace, we are very keen to understand what drives good connections between employers and job seekers. That is where a lot of our science goes and that manifests itself in a number of the product decisions we make, whether it’s driving employers to outreach to job seekers, so that it’s the employer going first, which job seekers love or it’s explaining to employers in such clear terms and making it so easy to display that they have salary on their job descriptions, because that materially increases the number of applicants who will actually apply to said job. And so in our marketplace, we are always looking for the different levers that we can take advantage of in order to increase that application rate.
Over the last several quarters. I mean, we have launched a number of improvements that have been driving up this application rate, which has consequently been driving up job seeker satisfaction, which is now manifesting in the surge in traffic that you are seeing today. This is not just about advertising, this is also about actually delivering and we feel really confident that we are delivering already an exceptional experience. But we are particularly excited about where this will go over time, and like I said, it’s not just top of funnel traffic its engagement metrics that are up and we believe that, that is a trend that we can persistently drive up and to the right, as just as Tim was talking about, revenue per paid employer, we think satisfaction is something where we still have headroom to grow.
Miles Jakubiak: Thank you. Helpful.
Operator: Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.
