Career changes decline during recessions

Carlos Carrillo-Tudela, Bart Hobijn and Ludo Visschers

FRBSF Economic Letter, 2014

Abstract: Some types of jobs lost during recessions are never recovered, which suggests some unemployed workers must change careers. However, data on hiring during recessions shows the fraction of unemployed workers who change their industry or occupation declines rather than increases. This reflects in part that, when unemployment is high, employers can find applicants with qualifications that closely match job openings. Thus, the rate of overall job growth affects the pace of job market recoveries more than the need for workers to reallocate across sectors.

Date: 2014
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