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Wednesday, February 19, 2014

Why Is the Job-Finding Rate Still Low?

From Liberty Street Econmics at the NY Fed:

Why Is the Job-Finding Rate Still Low?, by Victoria Gregory, Christina Patterson, Ayşegül Şahin, and Giorgio Topa: Fluctuations in unemployment are mostly driven by fluctuations in the job-finding prospects of unemployed workers—except at the onset of recessions, according to various research papers (see, for example, Shimer [2005, 2012] and Elsby, Hobijn, and Sahin [2010]). With job losses back to their pre-recession levels, the job-finding rate is arguably one of the most important indicators to watch. This rate—defined as the fraction of unemployed workers in a given month who find jobs in the consecutive month—provides a good measure of how easy it is to find jobs in the economy. The ... the job-finding rate is still substantially below its pre-recession levels, suggesting that it is still difficult for the unemployed to find work. In this post, we explore the underlying reasons behind the low job-finding rate. ...

    Posted by on Wednesday, February 19, 2014 at 07:59 AM in Economics, Unemployment | Permalink  Comments (39)


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