BPEA | 1976 No. 1

Employment Instability and High Unemployment Rates

discussants: Dr. Martin Feldstein and
Dr. Martin Feldstein President and CEO, National Bureau of Economic Research
Saul H. Hymans
Saul H. Hymans University of Michigan

1976, No. 1

THE LABOR MARKET is in continuous internal motion, with workers moving
rapidly between jobs, unemployment, and nonparticipation even during
periods of stable economic activity. The flow of workers in and out of unemployment
every month is always far greater than the increase in the
number of the unemployed.