The Establishment-Level Behavior of Vacancies and Hiring
Steven J. Davis
University of Chicago; National Bureau of Economic Research (NBER)
Federal Reserve Bank of Chicago; Bureau of Labor Statistics - Office of Employment and Unemployment Statistics
University of Maryland - Department of Economics; National Bureau of Economic Research (NBER); Institute for the Study of Labor (IZA)
July 20, 2009
FRB of Philadelphia Working Paper No. 09-14
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.
Number of Pages in PDF File: 51
Keywords: vacancies, job openings, job-filling rate, vacancy duration, hiring, labor
JEL Classification: D21, E24, J6working papers series
Date posted: August 10, 2009 ; Last revised: October 9, 2009
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