Employment Instability and High Unemployment Rates

Stephen T. Marston

STM

Stephen T. Marston The Brookings Institution

Discussants: Dr. Martin Feldstein and

DMF

Dr. Martin Feldstein President and CEO, National Bureau of Economic Research

Saul H. Hymans

SHH

Saul H. Hymans University of Michigan

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.