US – Workers have slowed their transitions between employers St. Louis Fed finds

Jobs in the U.S. labor market get turned over at a surprising frequency, with flows into/out of unemployment being almost four times faster than in Germany, despite similar unemployment rates.1 But when U.S. workers leave jobs, they are twice as likely to go directly into another one as become unemployed.2 These job-to-job transitions make up the bulk of the job destruction and creation in the U.S. labor market.

However, it appears that employed workers have slowed their transitions between employers. (Among others, Mike Konczal at The Next New Deal discussed this in a recent blog post.3) While this does not necessarily affect the unemployment rate (as these job-to-job changers are never unemployed), it may be a sign of two things:

• Finding a job is still very difficult.
• The job market may be experiencing coagulation, less churn and less “dynamism.”

via The Recession’s Effect on Job Churn | St. Louis Fed On the Economy.

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