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The establishment-level behavior of vacancies and hiring

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  • Steven J. Davis
  • R. Jason Faberman
  • John C. Haltiwanger

Abstract

The authors study vacancies, hires, and vacancy yields (success rate in generating hires) in the Job Openings and Labor Turnover Survey, a large representative sample of U.S. employers. The authors also develop a simple framework that identifies the monthly flow of new vacancies and the job-filling rate for vacant positions, the employer counterpart to the job-finding rate for unemployed workers. The job-filling rate moves counter to employment at the aggregate level but rises steeply with employer growth rates in the cross section. It falls with employer size, rises with the worker turnover rate, and varies by a factor of four across major industry groups. The authors' analysis also indicates that more than 1 in 6 hires occur without benefit of a vacancy, as defined by JOLTS. These findings provide useful inputs for assessing, developing, and calibrating theoretical models of search, matching, and hiring in the labor market.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Philadelphia in its series Working Papers with number 09-14.

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Date of creation: 2009
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Handle: RePEc:fip:fedpwp:09-14

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Keywords: Employment ; Labor market;

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  1. Moen, Espen R, 1997. "Competitive Search Equilibrium," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 105(2), pages 385-411, April.
  2. Holzer, Harry J, 1994. "Job Vacancy Rates in the Firm: An Empirical Analysis," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 61(241), pages 17-36, February.
  3. Dickerson, Andy, 2003. "The Distribution and Determinants of Job Vacancies: Evidence From the 2001 Employers Skill Survey," Royal Economic Society Annual Conference 2003, Royal Economic Society 63, Royal Economic Society.
  4. Berman, Eli, 1997. "Help Wanted, Job Needed: Estimates of a Matching Function from Employment Service Data," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 15(1), pages S251-92, January.
  5. Shigeru Fujita & Garey Ramey, 2009. "The Cyclicality Of Separation And Job Finding Rates," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(2), pages 415-430, 05.
  6. Philipp Kircher & Leo Kaas, 2010. "Efficient Firm Dynamics in a Frictional Labor Market," 2010 Meeting Papers, Society for Economic Dynamics 89, Society for Economic Dynamics.
  7. Yashiv, Eran, 2006. "U.S. Labor Market Dynamics Revisited," IZA Discussion Papers 2455, Institute for the Study of Labor (IZA).
  8. Barron, John M & Berger, Mark C & Black, Dan A, 1997. "Employer Search, Training, and Vacancy Duration," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 35(1), pages 167-92, January.
  9. Eran Yashiv, 2000. "The Determinants of Equilibrium Unemployment," American Economic Review, American Economic Association, American Economic Association, vol. 90(5), pages 1297-1322, December.
  10. James Albrecht & Susan Vroman, 2000. "A Matching Model with Endogenous Skill Requirements," Econometric Society World Congress 2000 Contributed Papers, Econometric Society 0774, Econometric Society.
  11. Steven J. Davis, 2001. "The Quality Distribution of Jobs and the Structure of Wages in Search Equilibrium," NBER Working Papers 8434, National Bureau of Economic Research, Inc.
  12. Michael W. Elsby & Ryan Michaels & Gary Solon, 2007. "The Ins and Outs of Cyclical Unemployment," NBER Working Papers 12853, National Bureau of Economic Research, Inc.
  13. Steven J. Davis & R. Jason Faberman & John Haltiwanger, 2006. "The Flow Approach to Labor Markets: New Data Sources and Micro-Macro Links," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 20(3), pages 3-26, Summer.
  14. Abraham, Katharine G, 1983. "Structural-Frictional vs. Deficient Demand Unemployment: Some New Evidence," American Economic Review, American Economic Association, American Economic Association, vol. 73(4), pages 708-24, September.
  15. Bruce Fallick & Charles A. Fleischman, 2004. "Employer-to-employer flows in the U.S. labor market: the complete picture of gross worker flows," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2004-34, Board of Governors of the Federal Reserve System (U.S.).
  16. John M. Abowd & Patrick Corbel & Francis Kramarz, 1996. "The Entry and Exit of Workers and the Growth of Employment: An Analysis of French Establishments," NBER Working Papers 5551, National Bureau of Economic Research, Inc.
  17. Katharine G. Abraham, 1987. "Help-Wanted Advertising, Job Vacancies, and Unemployment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, Economic Studies Program, The Brookings Institution, vol. 18(1), pages 207-248.
  18. Coles, Melvyn G & Smith, Eric, 1998. "Marketplaces and Matching," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(1), pages 239-54, February.
  19. Steven J. Davis & R. Jason Faberman & John C. Haltiwanger & Ian Rucker, 2008. "Adjusted Estimates of Worker Flows and Job Openings in JOLTS," NBER Working Papers 14137, National Bureau of Economic Research, Inc.
  20. Katharine G. Abraham & James R. Spletzer & Michael Harper, 2010. "Labor in the New Economy," NBER Books, National Bureau of Economic Research, Inc, National Bureau of Economic Research, Inc, number abra08-1.
  21. Steven J. Davis & John C. Haltiwanger & Scott Schuh, 1998. "Job Creation and Destruction," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262540932, December.
  22. Russo, Giovanni & Gorter, Cees & Schettkat, Ronald, 2001. "Searching, hiring and labour market conditions," Labour Economics, Elsevier, Elsevier, vol. 8(5), pages 553-571, December.
  23. Coles, Melvyn G & Smith, Eric, 1996. "Cross-Section Estimation of the Matching Function: Evidence from England and Wales," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 63(252), pages 589-97, November.
  24. Melvyn Coles & Barbara Petrongolo, 2008. "A Test Between Stock-Flow Matching And The Random Matching Function Approach," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 49(4), pages 1113-1141, November.
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