Aggregate demand and state-level employment

Atif Mian and Amir Sufi

FRBSF Economic Letter, 2013, issue feb11

Abstract: What explains the sharp decline in U.S. employment from 2007 to 2009? Why has employment remained stubbornly low? Survey data from the National Federation of Independent Businesses show that the decline in state-level employment is strongly correlated with the increase in the percentage of businesses complaining about lack of demand. While business concerns about government regulation and taxes also rose steadily from 2008 to 2011, there is no evidence that job losses were larger in states where businesses were more worried about these factors.

Keywords: Employment; Business conditions; Uncertainty (search for similar items in EconPapers)
Date: 2013
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