In recent years, the rate at which workers and businesses exchange jobs has declined in the United States. Between 1998 and 2010, rates of job creation, job destruction, hiring, and separation declined dramatically, and the rate of job-to-job flows fell by about half. Little is known about the...

An increasing number of data sources have measured the components of reallocation of jobs across employers and workers across jobs. Whether and how job reallocation across employers and excess worker “churn” affect other measures of the health of the U.S. economy remains an open question. In...

In recent years, the rate at which workers and businesses exchange jobs has declined in the United States. Between 1998 and 2010, rates of job creation, job destruction, hiring, and separation declined dramatically, and the rate of job-to-job flows fell by about half. Little is known about the...

We document and attempt to explain the recent decline in employment dynamics in the U.S. We have four major empirical findings. First, each measure exhibits a “stair step” pattern, with the declines concentrated in recessions and little increase during subsequent expansions. Second, changes...

The share of the U.S. population that receives business income has increased substantially in recent decades. At the same time, worker hire and separation rates declined, with worrying implications for productivity and wage growth. In this paper, we explore the relationship between business...

How are applications to start new businesses related to aggregate economic activity? This paper explores the properties of three monthly business application series from the U.S. Census Bureau's Business Formation Statistics as economic indicators: all business applications, business...