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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
How Much Has Job Matching Efficiency Declined?
Andreas Hornstein
Marianna Kudlyak

During the recession and recovery, hiring has been slower than might be expected considering the large numbers of vacant jobs and unemployed individuals. This raises some concern about structural changes in the process of matching job seekers with employers. However, the standard measures account for only the unemployed and not those who are out of the labor force. Including other non-employed groups in the measured pool of job seekers while adjusting for different job finding rates among these groups shows that the decline in matching efficiency is similar to earlier declines.

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Andreas Hornstein & Marianna Kudlyak, "How Much Has Job Matching Efficiency Declined?" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 25, 2017.
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