High Labor Market Churn During the 2020 Recession
Abstract: Richmond Fed research has found that job losses during the COVID-19 recession have been concentrated in high-turnover sectors, with turnover rates in those occupations even higher than they were during the Great Recession. Workers displaced from high-turnover occupations often avoid long periods of unemployment, but they are historically less likely to develop long-term employment relationships, which limits their potential for sustained wage growth.
File format is application/pdf
Provider: Federal Reserve Bank of Richmond
Part of Series: Richmond Fed Economic Brief
Publication Date: 2021-02
Note: The original version of this brief contained a table, which was removed on March 2 to correct a coding error.