Overall fluidity of US labor market has been declining

The decline in the fluidity, or dynamism, of the U.S. labor market has been occurring along a number of dimensions—including the rate of job-to-job transition, hires and separations, and geographic movement across labor markets—since at least the 1980s, and these declines are all related, according to a new paper to be presented next week at the Brookings Panel on Economic Activity. Less fluidity in the labor market leads to fewer opportunities for workers to renegotiate their curren