The effect or lack of effect of layoffs is fascinating.
Calculated Risk has an updated JOLTS chart.
While JOLTS is a young data set there are already a few lessons in how we think about the economy.
- Contrary to conventional,, wisdom layoffs actually do not seem to be a prime mover in recessions.
- Going along with that turnover actually seems to fall during recessions and quite a bit
- The prime movers seem to be job openings and quits. A recession is a period where few people are hiring and few people are quitting.
- There may be an extensive literature on this already, but how, why and under what conditions people quit their jobs seems to be a very important question.
Filed under: Economics
New JOLTS Data
Wed, 13 Apr 2011 17:24:07 GMT