Noted for June 13, 2013
Liveblogging World War II: June 13, 1943

Underrated Economics Weblogger: Evan Soltas: Thursday Link Promiscuity Weblogging


The U.S. Economy Still Isn't Churning: "My Bloomberg View colleague Matthew Klein just weighed in… saying that the rise in the number of people quitting is a good thing. He's right: Quits show the employee's confidence that he or she can find a better job. There's a counterpoint, though. The rate of labor market 'churn' -- the number of people moving from job to job per quarter -- dropped by 2.3 million during the recession and hasn't recovered…. Low churn means that people may be choosing to hold down jobs that aren't quite right for them…. 8.7 million Americans found a job or left one in April -- down 2 million from pre-recession levels… weak demand for labor… clogs up the cycle of job openings, hires, fires and quits. You have to be brave to leave a job amid high unemployment and little hiring -- but with few quitters, positions don't open up and so the low churn persists…. The Fed is watching the unemployment rate, but its statements indicate it also considers 'additional measures of labor market conditions'. Churn should be one of those. The ultimate task of labor markets is to allocate workers to positions -- and churn measures that directly. That it hasn't improved since the recession means that labor markets are much less healthy than falling unemployment might suggest: Screenshot 6 12 13 1 15 PM