Structural and Cyclical Trends in Net Employment over US Business Cycles, 1949–2009: Implications for the Next Recovery and Beyond

Jacob Kirkegaard

No WP09-5, Working Paper Series from Peterson Institute for International Economics

Abstract: This paper expands on the methodology of Groshen and Potter (2003) for studying cyclical and structural changes in the US economy and analyzes the net structural and cyclical employment trends in the US economy during the last 10 trough-to-trough business cycles from 1949 to the present. It illustrates that the US manufacturing sector and an increasing number of services sectors, including parts of the financial services sector, are experiencing structural employment declines. Structural employment gains in the US labor market are increasingly concentrated in the healthcare, education, food, and professional and technical services sectors and in the occupations related to these industries. The paper concludes that the improved operation of the US labor market during the 1990s has reversed itself in the 2000s, with negative long-term economic effects for the United States.

Keywords: Business cycles; structural change; unemployment duration; occupational/sectoral employment shifts; labor turnover; Okun’s Law relationship; Beveridge curves. (search for similar items in EconPapers)
JEL-codes: J21 J24 J62 J63 J64 O14 O51 (search for similar items in EconPapers)
Date: 2009-09
New Economics Papers: this item is included in nep-lab and nep-mac
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Citations: View citations in EconPapers (11)

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