Title: On the stability of employment growth
Description: "In 1952, the average  quarterly volatility of U.S.  state employment growth stood at 1.5 percent.  By  1995, employment growth volatility came in at just under 0.5 percent.  While all  states shared in the decline, some states declined much more dramatically than  others.  We analyze aspects of this decline using new data covering industry  employment by state during the postwar period.  Estimates from a pooled  cross-section/time-series model corrected for spatial dependence indicate that  fluctuations in state-specific and aggregate variables have both played an  important role in explaining volatility trends.  However, state-level  differences in responses to aggregate shocks account for less of the postwar  fluctuations in employment growth volatility than do state-specific  forces"--Federal Reserve Bank of Philadelphia web site.
Subjects: Econometric models, Labor market, States
Places: United States