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

A Cleveland Fed economic commentary by B. Fallick says the low-hire, low-fire labor market, where firms rarely hire or fire, likely reflects a long-term decline in labor market fluidity, or how freely workers switch jobs. If correct, a cyclical hiring rebound would not necessarily restore past churn. The next JOLTS (Job Openings and Labor Turnover Survey) release is November 3.