A few posts back I asked Arnold Kling about Gross Job data and a recalculations story. However, I think it worth examining how with think about recessions in general. My tendency has been to describe recession as periods in which people “lost their jobs.” However, the JOLTS data suggest that we might more accurately think of recessions as periods it hard to find a new job.
Calculated Risk provides the graph
Layoffs and discharges increased during the current recession, but hiring decreased by far more. Indeed, the increase in layoffs was overwhelmed by a decrease in quits, causing overall job marker turnover to fall.
I wouldn’t have though of a recession as a time in which employer-employee relationships became more solid, but that seems to be what is happening.