Skills Mismatch, Construction Workers and the Labor Market

Richard Crump and Aysegul Sahin

No 20120329, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Recessions and recoveries typically have been times of substantial reallocation in the economy and the labor market, and the current cycle does not appear to be an exception. The speed and smoothness of reallocation depend in part on the structure of the labor market, particularly the degree of mismatch between the characteristics of available workers and newly available jobs. Such mismatches could occur because of differences in skills between workers and jobs (skills mismatch) or because of differences in the location of the available jobs and available workers (geographic mismatch). In this post, we focus on skills mismatch to assess the extent to which the slow pace of the labor market recovery from the Great Recession can be attributed to such problems. If skills mismatch is much more severe than usual, we would expect the unemployment rate to remain higher for longer and the workers subject to such mismatch to have worse labor market outcomes.

Keywords: Skills mismatch; Labor market; Construction workers; Unemployment (search for similar items in EconPapers)
Date: 2012-03-29
New Economics Papers: this item is included in nep-mac and nep-ure
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