Chapter

Studying the Labor Market with the Job Openings and Labor Turnover Survey

R. Jason Faberman

in Producer Dynamics

Published by University of Chicago Press

Published in print March 2009 | ISBN: 9780226172569
Published online February 2013 | e-ISBN: 9780226172576 | DOI: http://dx.doi.org/10.7208/chicago/9780226172576.003.0003
Studying the Labor Market with the Job Openings and Labor Turnover Survey

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This chapter is concerned with the characteristics of the Job Openings and Labor Turnover Survey (JOLTS) data and provides some descriptive evidence at both the aggregate and establishment level. It also reports some basic evidence on the aggregate and establishment-level relations of vacancies and worker flows to state-level unemployment and other labor market conditions. The data shows that the covariation of vacancies and unemployment occurs more from time variation within states than from level differences across states. Higher growth, lower unemployment, and decreases in unemployment at the state level are related to more hires and more quits. Vacancies, hires, and quits all exhibit persistent, procyclical behavior between 2001 and 2005, while layoffs exhibit an episodic, countercyclical pattern. Vacancies also exhibit a cyclical relation to unemployment consistent with the Beveridge Curve. The JOLTS data generally provide many opportunities to increase the understanding of labor market dynamics.

Keywords: labor market dynamics; Beveridge Curve; vacancies; unemployment; hires; quits; layoffs

Chapter.  8882 words.  Illustrated.

Subjects: Microeconomics

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