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June 2012

Which industries are shifting the Beveridge curve?

Regis Barnichon, Mike Elsby, Bart Hobijn, Aysegül Sahin

According to JOLTS data, the failure of the unemployment rate to improve much despite growth in the economy is attributable to a shortfall in hires per vacancy in all industries, especially construction; this shortfall is what is causing the current labor market’s shift in the Beveridge curve, which measures the negative relationship between the unemployment rate and the job openings rate.

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