Employment and Worker Flows During the Financial Crisis

This paper, using data from the Labour Force survey, examines the decline of employment by sector of economic activity as well as the size and profile of the corresponding worker flows since the beginning of the recent financial crisis. It shows that the 433,500 employment losses until spring 2011 (10.4% of employment) came through a clear predominance of separations (487,000 per year) over hirings (350,000 per year). Also certain sectors exposed to international competition, like food and beverages, pharmaceutical industry, agriculture, hotels and restaurants, show higher employment resilience as well as noticeable labour mobility