Which industries are shifting the Beveridge curve?

Régis Barnichon, Bart Hobijn and Aysegul Sahin
Authors registered in the RePEc Author Service: Michael Elsby

No 2010-32, Working Paper Series from Federal Reserve Bank of San Francisco

Abstract: The negative relationship between the unemployment rate and the job openings rate, known as the Beveridge curve, has been relatively stable in the U.S. over the last decade. Since the summer of 2009, however, the U.S. unemployment rate has hovered between 9.4 and 10.1 percent in spite of firms reporting more job openings. We decompose the recent deviation from the Beveridge curve into different parts using data from the Job Openings and Labor Turnover Survey (JOLTS). We find that most of the current deviation from the Beveridge curve can be attributed to a shortfall in the vacancy yield, which measures hires per vacancy. This shortfall is broad-based across all industries and is particularly pronounced in construction, transportation, trade, and utilities, and leisure and hospitality. Construction alone accounts for more than a third of the Beveridge curve gap.

Keywords: Unemployment; Employment (Economic theory); Labor market (search for similar items in EconPapers)
Date: 2010
New Economics Papers: this item is included in nep-lab
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Citations: View citations in EconPapers (23)

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Working Paper: Which Industries are shifting the Beveridge Curve? (2011)
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