We use matched individual-level CPS data to study the decline in middle-wage routine occupations during the last 40 years, and determine how the associated labor market flows have evolved. The decline in employment in these occupations can be …
Labor market flows estimated from monthly data understate the true number of transitions by 15--25 percent, but this time aggregation bias does not meaningfully affect the cyclicality of gross flows or hazard rates.
Total monthly job loss and hiring among U.S. workers, as well as job loss hazard rates, are strongly countercyclical, while job finding hazard rates are strongly procyclical.