Cleveland Fed Ties 'Low-Hire, Low-Fire' Job Market to Long-Term Decline in Job Mobility

A Federal Reserve Bank of Cleveland economic commentary by B. Fallick says the low-hire, low-fire labor market is likely the result of a long-term downtrend in labor market fluidity, meaning how freely workers move between jobs. If correct, a cyclical hiring rebound would not necessarily restore past churn. The next JOLTS release is November 3.