Job Creation and Destruction in Recession

Martina Lawless

No 01/EL/12, Economic Letters from Central Bank of Ireland

Abstract: This note provides an update on rates of job creation and destruction in the light of the dramatic slowdown in the economy. Firm-level data on employment changes has been collected by Forf´as for almost forty years and allows us to compare the current rates of job turnover to those in previous recessionary episodes. The speed of the slowdown in job creation and increase in job destruction are found to be unprecedented, although the total decline in employment was greater in the 1980s. Higher rates of job destruction were particularly evident in smaller and in Irish-owned firms. Net falls in employment were observed in almost all sectors. We show however that jobs also continued to be created across the economy, albeit at a slower pace than previously.

Date: 2012-01
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