Based on patterns of employment transitions, we identify three different types of workers in the US labor market: α's β …'s and γ's. Workers of type α make up over half of all workers, are most likely to remain on the same job for more than 2 … years and, when they become unemployed, typically find a new job within 1 quarter. Workers of type γ comprise less than one …

, and construction workers. I study the wage and employment responses of these occupations to the housing cycle, a proxy for …

characteristics of workers entering/ exiting into/from employment that may blur the "true" underlying wage growth, are not typically … observed with raw data. This may help to explain some macro puzzles, such as the "vanishing" Phillips curve. …