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Which industries are shifting the Beveridge curve?
Regis Barnichon, Michael Elsby, Bart Hobijn, and Aysegül Sahin
Regis Barnichon is a researcher at CREi; Michael Elsby is professor of economics at the University of Edinburgh; Bart Hobijn is senior research advisor at the Federal Reserve Bank of San Francisco, part-time visiting professor of economics at VU University Amsterdam, and a research fellow at the Tinbergen Institute; and Aysegül Sahin is an assistant vice president at the Federal Reserve Bank of New York. Email: rbarnichon@crei. cat, mike.elsby@ed.ac.uk, bart.hobijn@sf.frb.org, and aysegul.sahin@ny.frb.org. The views expressed in this article solely reflect those of the authors and are not necessarily those of the Federal Reserve Bank of New York, the Federal Reserve Bank of San Francisco, or the Federal Reserve System as a whole.
Although economic activity in the U.S. economy has grown, albeit slowly, since the summer of 2009, the unemployment rate has remained stubbornly high. This continued high level of unemployment is especially puzzling in light of the fact that, during the same period, U.S. employers have started to post substantially more vacancies.1
1 A more detailed discussion of this development is in Michael Elsby, Bart Hobijn and Aysegül Sahin, "The Labor Market in the Great Recession," Brookings Papers on Economic Activity, Spring 2010, pp. 1—48.
Current Population Survey
Job Openings and Labor Turnover Survey
Job openings and hires show little postrecession improvement—Aug. 2011.
Job openings, hires, and separations fall during the recession.—May 2010.
Job openings and hires decline in 2008.—May 2009.
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