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Papers Containing Tag(s): 'Bureau of Labor Statistics'

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Longitudinal Business Database - 133

Center for Economic Studies - 130

North American Industry Classification System - 124

Current Population Survey - 110

Bureau of Economic Analysis - 99

Longitudinal Employer Household Dynamics - 95

National Science Foundation - 95

Standard Industrial Classification - 93

Internal Revenue Service - 92

Employer Identification Numbers - 79

Annual Survey of Manufactures - 78

National Bureau of Economic Research - 70

Ordinary Least Squares - 69

Economic Census - 63

Total Factor Productivity - 62

American Community Survey - 62

Census Bureau Disclosure Review Board - 58

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Social Security Administration - 53

Federal Reserve Bank - 51

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Business Register - 50

Alfred P Sloan Foundation - 45

Federal Statistical Research Data Center - 45

Quarterly Census of Employment and Wages - 45

Longitudinal Research Database - 43

Chicago Census Research Data Center - 41

County Business Patterns - 41

Business Dynamics Statistics - 39

Survey of Income and Program Participation - 38

Social Security - 37

Census Bureau Business Register - 37

Disclosure Review Board - 36

Standard Statistical Establishment List - 34

Quarterly Workforce Indicators - 33

Decennial Census - 32

University of Chicago - 31

Research Data Center - 31

Department of Labor - 30

Cornell University - 30

Special Sworn Status - 29

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Service Annual Survey - 27

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International Trade Research Report - 19

American Economic Review - 19

Local Employment Dynamics - 19

Business Employment Dynamics - 19

Department of Homeland Security - 18

2010 Census - 18

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Characteristics of Business Owners - 17

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Longitudinal Firm Trade Transactions Database - 17

LEHD Program - 17

Kauffman Foundation - 17

Generalized Method of Moments - 16

Employer Characteristics File - 16

Small Business Administration - 16

Retail Trade - 16

Permanent Plant Number - 16

Department of Economics - 15

National Institute on Aging - 15

Department of Commerce - 15

Organization for Economic Cooperation and Development - 15

Postal Service - 14

National Income and Product Accounts - 14

Quarterly Journal of Economics - 14

Cornell Institute for Social and Economic Research - 14

Occupational Employment Statistics - 14

Core Based Statistical Area - 14

Michigan Institute for Teaching and Research in Economics - 13

Employment History File - 13

American Economic Association - 13

Harmonized System - 13

Journal of Economic Literature - 13

University of Michigan - 13

Herfindahl Hirschman Index - 12

Individual Characteristics File - 12

Survey of Business Owners - 12

Master Address File - 12

Bureau of Labor - 12

Patent and Trademark Office - 12

New York Times - 12

Standard Occupational Classification - 11

National Longitudinal Survey of Youth - 11

NBER Summer Institute - 11

New York University - 11

Current Employment Statistics - 11

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Labor Productivity - 11

Business Master File - 11

World Trade Organization - 10

Labor Turnover Survey - 10

IQR - 10

VAR - 10

National Center for Health Statistics - 10

Office of Personnel Management - 10

Journal of Labor Economics - 10

Review of Economics and Statistics - 10

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Census Bureau Center for Economic Studies - 10

Establishment Micro Properties - 10

Successor Predecessor File - 9

AKM - 9

Journal of Political Economy - 9

Council of Economic Advisers - 9

W-2 - 9

Wholesale Trade - 9

Sloan Foundation - 9

Detailed Earnings Records - 9

Board of Governors - 9

Customs and Border Protection - 9

Information and Communication Technology Survey - 9

BLS Handbook of Methods - 9

Agency for Healthcare Research and Quality - 9

Boston College - 8

Technical Services - 8

Survey of Industrial Research and Development - 8

Urban Institute - 8

Person Validation System - 8

Securities and Exchange Commission - 8

Business Register Bridge - 8

UC Berkeley - 8

JOLTS - 8

Limited Liability Company - 8

Michigan Institute for Data Science - 8

Composite Person Record - 8

Federal Tax Information - 8

Energy Information Administration - 8

Environmental Protection Agency - 8

Retirement History Survey - 8

University of California Los Angeles - 8

North American Industry Classi - 8

Journal of Economic Perspectives - 8

Census Bureau Business Dynamics Statistics - 8

Statistics Canada - 8

Economic Research Service - 8

Medical Expenditure Panel Survey - 8

Harvard University - 8

Department of Agriculture - 8

Administrative Records - 8

American Statistical Association - 8

Accommodation and Food Services - 7

Annual Business Survey - 7

Business R&D and Innovation Survey - 7

North American Free Trade Agreement - 7

National Establishment Time Series - 7

Ohio State University - 7

Herfindahl-Hirschman - 7

COVID-19 - 7

General Accounting Office - 7

Census of Retail Trade - 7

National Academy of Sciences - 7

Yale University - 7

Employer-Household Dynamics - 7

United Nations - 7

Business Services - 7

COMPUSTAT - 7

Center for Administrative Records Research - 7

Columbia University - 7

MIT Press - 7

American Housing Survey - 7

Census Industry Code - 7

Federal Trade Commission - 6

Department of Justice - 6

Project on Impact Investments - 6

Management and Organizational Practices Survey - 6

Business Research and Development and Innovation Survey - 6

National Center for Science and Engineering Statistics - 6

Integrated Public Use Microdata Series - 6

Census Numident - 6

Ewing Marion Kauffman Foundation - 6

Annual Survey of Entrepreneurs - 6

Review of Economic Studies - 6

Center for Research in Security Prices - 6

Integrated Longitudinal Business Database - 6

Department of Housing and Urban Development - 6

Census of Services - 6

Business Formation Statistics - 6

Social and Economic Supplement - 6

Census 2000 - 6

Kauffman Firm Survey - 6

Health and Retirement Study - 5

Educational Services - 5

Agriculture, Forestry - 5

University of Toronto - 5

Stanford University - 5

United States Census Bureau - 5

International Trade Commission - 5

Russell Sage Foundation - 5

2SLS - 5

Disability Insurance - 5

Earned Income Tax Credit - 5

Personally Identifiable Information - 5

Federal Reserve Bank of Chicago - 5

TFPR - 5

CDF - 5

National Employer Survey - 5

Indian Health Service - 5

Public Administration - 5

Initial Public Offering - 5

George Mason University - 5

Department of Education - 5

National Institutes of Health - 5

Stern School of Business - 5

Georgetown University - 5

World Bank - 5

Fabricated Metal Products - 5

Arts, Entertainment - 4

IZA - 4

Supplemental Nutrition Assistance Program - 4

Heckscher-Ohlin - 4

Data Management System - 4

Person Identification Validation System - 4

Paycheck Protection Program - 4

Princeton University - 4

European Commission - 4

Housing and Urban Development - 4

ASEC - 4

Department of Energy - 4

Professional Services - 4

Foreign Direct Investment - 4

1940 Census - 4

Journal of Human Resources - 4

Nonemployer Statistics - 4

National Health Interview Survey - 4

Linear Probability Models - 4

Temporary Assistance for Needy Families - 4

Department of Defense - 4

Public Use Micro Sample - 4

State Energy Data System - 4

Wal-Mart - 4

Federal Insurance Contribution Act - 4

Commodity Flow Survey - 4

Journal of International Economics - 4

International Standard Industrial Classification - 4

Securities Data Company - 4

Penn State University - 4

Pollution Abatement Costs and Expenditures - 4

National Research Council - 4

Consolidated Metropolitan Statistical Areas - 4

New England County Metropolitan - 3

Computer Assisted Personal Interview - 3

SSA Numident - 3

Current Population Survey Annual Social and Economic Supplement - 3

Centers for Disease Control and Prevention - 3

Manufacturing Energy Consumption Survey - 3

European Union - 3

Pew Research Center - 3

PIKed - 3

CAAA - 3

Health Care and Social Assistance - 3

HHS - 3

Value Added - 3

Princeton University Press - 3

Probability Density Function - 3

IBM - 3

Census Bureau Master Address File - 3

Summary Earnings Records - 3

Duke University - 3

Society of Labor Economists - 3

Social Security Disability Insurance - 3

Journal of Econometrics - 3

Insurance Information Institute - 3

Sample Edited Detail File - 3

Supreme Court - 3

Boston Research Data Center - 3

Electronic Data Interchange - 3

Chicago RDC - 3

E32 - 3

WECD - 3

Cambridge University Press - 3

employed - 95

employ - 94

labor - 94

workforce - 87

recession - 79

payroll - 68

employee - 67

manufacturing - 62

econometric - 60

growth - 59

economist - 58

earnings - 58

production - 58

industrial - 55

sector - 54

macroeconomic - 52

market - 49

quarterly - 48

survey - 47

sale - 47

enterprise - 43

expenditure - 42

revenue - 40

demand - 39

entrepreneurship - 37

worker - 36

estimating - 36

gdp - 34

endogeneity - 34

agency - 33

labor statistics - 33

report - 31

economically - 31

employment growth - 30

statistical - 29

job - 29

entrepreneur - 29

investment - 28

aggregate - 28

occupation - 26

unemployed - 26

salary - 26

census employment - 26

respondent - 25

productivity growth - 25

hiring - 25

efficiency - 25

longitudinal - 24

estimation - 24

produce - 24

trend - 24

layoff - 23

census bureau - 23

company - 23

entrepreneurial - 23

establishment - 23

earner - 22

employment data - 22

industry productivity - 22

employment statistics - 22

data - 22

microdata - 21

productive - 20

employment dynamics - 20

economic census - 20

acquisition - 19

innovation - 19

hire - 19

organizational - 19

proprietor - 19

workplace - 19

profit - 18

financial - 18

export - 18

earn - 18

estimates employment - 18

data census - 18

census data - 18

corporation - 17

finance - 17

incentive - 16

research census - 16

growth productivity - 16

metropolitan - 16

unemployment rates - 16

regression - 16

proprietorship - 16

spillover - 15

employment estimates - 15

regress - 15

labor productivity - 15

manufacturer - 15

profitability - 14

technological - 14

insurance - 14

housing - 14

residential - 14

state - 14

work census - 14

accounting - 14

tenure - 14

monopolistic - 13

depreciation - 13

shift - 13

employment unemployment - 13

leverage - 13

econometrician - 13

employment count - 13

employee data - 13

firms productivity - 12

heterogeneity - 12

relocation - 12

specialization - 12

import - 12

productivity dynamics - 12

productivity dispersion - 12

multinational - 12

inventory - 12

startup - 12

venture - 12

clerical - 12

employing - 12

turnover - 12

recessionary - 12

aggregation - 12

socioeconomic - 11

price - 11

population - 11

retailer - 11

retail - 11

wholesale - 11

irs - 11

filing - 11

employer household - 11

enrollment - 11

regional - 11

decline - 11

statistician - 11

declining - 11

merger - 11

poverty - 10

residence - 10

hispanic - 10

tariff - 10

disclosure - 10

financing - 10

discrimination - 10

corporate - 10

resident - 10

federal - 10

cost - 10

average - 10

information census - 10

outsourcing - 10

regressing - 10

bias - 10

coverage - 10

datasets - 10

regulation - 10

welfare - 10

investor - 9

equity - 9

factor productivity - 9

labor markets - 9

younger firms - 9

immigrant - 9

longitudinal employer - 9

employment trends - 9

commodity - 9

competitor - 9

productivity measures - 9

consumption - 9

aggregate productivity - 9

reallocation productivity - 9

analysis - 9

indicator - 9

workforce indicators - 9

exporter - 9

business data - 9

founder - 9

endogenous - 9

decade - 9

aging - 9

researcher - 9

region - 9

2010 census - 8

patent - 8

prospect - 8

relocate - 8

compensation - 8

innovate - 8

disparity - 8

relocating - 8

migration - 8

woman - 8

geographically - 8

shock - 8

bankruptcy - 8

debt - 8

product - 8

sourcing - 8

commerce - 8

productivity increases - 8

minority - 8

incorporated - 8

trends employment - 8

buyer - 8

yearly - 8

measures employment - 8

mobility - 8

trends labor - 8

censuses surveys - 8

wages productivity - 8

ownership - 8

retirement - 8

state employment - 8

area - 8

census survey - 7

prevalence - 7

technology - 7

productivity estimates - 7

stock - 7

wage growth - 7

firms employment - 7

firms young - 7

loan - 7

warehousing - 7

wealth - 7

home - 7

neighborhood - 7

firms census - 7

estimator - 7

use census - 7

consumer - 7

tax - 7

employment earnings - 7

forecast - 7

department - 7

record - 7

policy - 7

worker demographics - 7

classified - 7

classification - 7

subsidiary - 7

externality - 7

dispersion productivity - 7

businesses census - 7

census years - 7

surveys censuses - 7

rent - 7

census business - 7

employment measures - 7

opportunity - 7

census research - 7

factory - 7

empirical - 7

employment flows - 7

shareholder - 6

spending - 6

agriculture - 6

rural - 6

job growth - 6

outsourced - 6

pricing - 6

firms grow - 6

industry growth - 6

union - 6

quantity - 6

discrepancy - 6

autoregressive - 6

inflation - 6

rate - 6

ethnicity - 6

contract - 6

effects employment - 6

utilization - 6

emission - 6

measures productivity - 6

industry variation - 6

econometrically - 6

recession employment - 6

unemployment insurance - 6

rates productivity - 6

shipment - 6

exporting - 6

custom - 6

database - 6

startup firms - 6

disadvantaged - 6

segregation - 6

imputation - 6

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analysis productivity - 6

exogeneity - 6

employment recession - 6

economic statistics - 6

confidentiality - 6

firm growth - 6

producing - 6

growth firms - 6

owned businesses - 6

study - 6

restructuring - 6

agglomeration economies - 6

agglomeration - 6

capital - 6

employment effects - 5

household surveys - 5

productivity shocks - 5

benefit - 5

city - 5

immigration - 5

migrate - 5

migrating - 5

lender - 5

earnings age - 5

insured - 5

bank - 5

funding - 5

prices products - 5

good - 5

competitiveness - 5

migrant - 5

income data - 5

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industrial classification - 5

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epa - 5

productivity differences - 5

regulation productivity - 5

reporting - 5

workers earnings - 5

foreign - 5

regional economic - 5

associate - 5

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downturn - 5

employment wages - 5

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increase employment - 5

estimates productivity - 5

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Viewing papers 1 through 10 of 327


  • Working Paper

    Private Equity and Workers: Modeling and Measuring Monopsony, Implicit Contracts, and Efficient Reallocation

    June 2025

    Working Paper Number:

    CES-25-37

    We measure the real effects of private equity buyouts on worker outcomes by building a new database that links transactions to matched employer-employee data in the United States. To guide our empirical analysis, we derive testable implications from three theories in which private equity managers alter worker outcomes: (1) exertion of monopsony power in concentrated markets, (2) breach of implicit contracts with targeted groups of workers, including managers and top earners, and (3) efficient reallocation of workers across plants. We do not find any evidence that private equity-backed firms vary wages and employment based on local labor market power proxies. Wage losses are also very similar for managers and top earners. Instead, we find strong evidence that private equity managers downsize less productive plants relative to productive plants while simultaneously reallocating high-wage workers to more productive plants. We conclude that post-buyout employment and wage dynamics are consistent with professional investors providing incentives to increase productivity and monitor the companies in which they invest.
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  • Working Paper

    Tapping Business and Household Surveys to Sharpen Our View of Work from Home

    June 2025

    Working Paper Number:

    CES-25-36

    Timely business-level measures of work from home (WFH) are scarce for the U.S. economy. We review prior survey-based efforts to quantify the incidence and character of WFH and describe new questions that we developed and fielded for the Business Trends and Outlook Survey (BTOS). Drawing on more than 150,000 firm-level responses to the BTOS, we obtain four main findings. First, nearly a third of businesses have employees who work from home, with tremendous variation across sectors. The share of businesses with WFH employees is nearly ten times larger in the Information sector than in Accommodation and Food Services. Second, employees work from home about 1 day per week, on average, and businesses expect similar WFH levels in five years. Third, feasibility aside, businesses' largest concern with WFH relates to productivity. Seven percent of businesses find that onsite work is more productive, while two percent find that WFH is more productive. Fourth, there is a low level of tracking and monitoring of WFH activities, with 70% of firms reporting they do not track employee days in the office and 75% reporting they do not monitor employees when they work from home. These lessons serve as a starting point for enhancing WFH-related content in the American Community Survey and other household surveys.
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  • Working Paper

    The Rising Returns to R&D: Ideas Are Not Getting Harder to Find

    May 2025

    Working Paper Number:

    CES-25-29

    R&D investment has grown robustly, yet aggregate productivity growth has stagnated. Is this because 'ideas are getting harder to find'? This paper uses micro-data from the US Census Bureau to explore the relationship between R&D and productivity in the manufacturing sector from 1976 to 2018. We find that both the elasticity of output (TFP) with respect to R&D and the marginal returns to R&D have risen sharply. Exploring factors affecting returns, we conclude that R&D obsolescence rates must have risen. Using a novel estimation approach, we find consistent evidence of sharply rising technological rivalry. These findings suggest that R&D has become more effective at finding productivity-enhancing ideas but these ideas may also render rivals' technologies obsolete, making innovations more transient.
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  • Working Paper

    Size Matters: Matching Externalities and the Advantages of Large Labor Markets

    April 2025

    Working Paper Number:

    CES-25-22

    Economists have long hypothesized that large and thick labor markets facilitate the matching between workers and firms. We use administrative data from the LEHD to compare the job search outcomes of workers originally in large and small markets who lost their jobs due to a firm closure. We define a labor market as the Commuting Zone'industry pair in the quarter before the closure. To account for the possible sorting of high-quality workers into larger markets, the effect of market size is identified by comparing workers in large and small markets within the same CZ, conditional on workers fixed effects. In the six quarters before their firm's closure, workers in small and large markets have a similar probability of employment and quarterly earnings. Following the closure, workers in larger markets experience significantly shorter non-employment spells and smaller earning losses than workers in smaller markets, indicating that larger markets partially insure workers against idiosyncratic employment shocks. A 1 percent increase in market size results in a 0.015 and 0.023 percentage points increase in the 1-year re-employment probability of high school and college graduates, respectively. Displaced workers in larger markets also experience a significantly lower need for relocation to a different CZ. Conditional on finding a new job, the quality of the new worker-firm match is higher in larger markets, as proxied by a higher probability that the new match lasts more than one year; the new industry is the same as the old one; and the new industry is a 'good fit' for the worker's college major. Consistent with the notion that market size should be particularly consequential for more specialized workers, we find that the effects are larger in industries where human capital is more specialized and less portable. Our findings may help explain the geographical agglomeration of industries'especially those that make intensive use of highly specialized workers'and validate one of the mechanisms that urban economists have proposed for the existence of agglomeration economies.
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  • Working Paper

    Work Organization and Cumulative Advantage

    March 2025

    Working Paper Number:

    CES-25-18

    Over decades of wage stagnation, researchers have argued that reorganizing work can boost pay for disadvantaged workers. But upgrading jobs could inadvertently shift hiring away from those workers, exacerbating their disadvantage. We theorize how work organization affects cumulative advantage in the labor market, or the extent to which high-paying positions are increasingly allocated to already-advantaged workers. Specifically, raising technical skill demands exacerbates cumulative advantage by shifting hiring towards higher-skilled applicants. In contrast, when employers increase autonomy or skills learned on-the-job, they raise wages to buy worker consent or commitment, rather than pre-existing skill. To test this idea, we match administrative earnings to task descriptions from job posts. We compare earnings for workers hired into the same occupation and firm, but under different task allocations. When employers raise complexity and autonomy, new hires' starting earnings increase and grow faster. However, while the earnings boost from complex, technical tasks shifts employment toward workers with higher prior earnings, worker selection changes less for tasks learned on-the-job and very little for high autonomy tasks. These results demonstrate how reorganizing work can interrupt cumulative advantage.
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  • Working Paper

    The Intangible Divide: Why Do So Few Firms Invest in Innovation?

    February 2025

    Working Paper Number:

    CES-25-15

    Investments in software, R&D, and advertising have surged, nearing half of U.S. private nonresidential investment. Yet just a few hundred firms dominate this growth. Most firms, including large ones, regularly invest little in capitalized software and R&D, widening this 'intangible divide' despite falling intangible prices. Using comprehensive US Census microdata, we document these patterns and explore factors associated with intangible investment. We find that firms invest significantly less in innovation-related intangibles when their rivals invest more. One firm's investment can obsolesce rivals' investments, reducing returns. This negative pecuniary externality worsens the intangible divide, potentially leading to significant misallocation.
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  • Working Paper

    Workers' Job Prospects and Young Firm Dynamics

    January 2025

    Authors: Seula Kim

    Working Paper Number:

    CES-25-09

    This paper investigates how worker beliefs and job prospects impact the wages and growth of young firms, as well as the aggregate economy. Building a heterogeneous-firm directed search model where workers gradually learn about firm types, I find that learning generates endogenous wage differentials for young firms. High-performing young firms must pay higher wages than equally high-performing old firms, while low-performing young firms offer lower wages than equally low-performing old firms. Reduced uncertainty or labor market frictions lower the wage differentials, thereby enhancing young firm dynamics and aggregate productivity. The results are consistent with U.S. administrative employee-employer matched data.
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  • Working Paper

    Food Security Status Across the Rural-Urban Continuum Before and During the COVID-19 Pandemic

    January 2025

    Working Paper Number:

    CES-25-01

    Background: Food security, defined as consistent access to sufficient food to support an active life, is a crucial social determinant of health. A key dimension affecting food security is position along the rural-urban continuum, as there are important socio-economic and environmental differences between communities related to urbanicity or rurality that impact food access. The COVID-19 pandemic created social and economic shocks that altered financial and food security, which may have had differential effects by rurality and urbanicity. However, there has been limited research on how food security differs across the shades of the rural-urban community spectrum, as most often researchers have characterized communities as either urban or rural. Methods: In this study, which linked restricted use Current Population Survey Food Security Supplement data to census-tract level United States Department of Agriculture Rural-Urban Commuting Area codes, we estimated the prevalence of household food security across temporal (2015-2019 versus 2020-2021) and socio-spatial (urban, large rural city/town, small rural town, or isolated rural town/area) dimensions in order to characterize variations before and during the COVID-19 pandemic by urbanicity/rurality. We report prevalences as point estimates with 95% confidence intervals. Results: The prevalence of food security was 87.7% (87.5-88.0%) in 2015-2019 and 88.8% (88.4-89.3%) in 2020-2021 for urban areas, 85.5% (84.7-86.2%) in 2015-2019 and 87.1% (85.7-88.3%) in 2020-2021 for large rural towns/cities, 82.8% (81.5-84.1%) in 2015-2019 and 87.3% (85.7-89.2%) in 2020-2021 for small rural towns, and 87.6% (86.3-88.8%) in 2015-2019 and 90.9% (88.7-92.7%) in 2020-2021 for isolated rural towns/areas. Conclusion: These findings show that rural communities experiences of food security vary and aggregating households in these environments may mask areas of concern and concentrated need.
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  • Working Paper

    Places versus People: The Ins and Outs of Labor Market Adjustment to Globalization

    December 2024

    Working Paper Number:

    CES-24-78

    We analyze the distinct adjustment paths of U.S. labor markets (places) and U.S. workers (people) to increased Chinese import competition during the 2000s. Using comprehensive register data for 2000'2019, we document that employment levels more than fully rebound in trade-exposed places after 2010, while employment-to-population ratios remain depressed and manufacturing employment further atrophies. The adjustment of places to trade shocks is generational: affected areas recover primarily by adding workers to non-manufacturing who were below working age when the shock occurred. Entrants are disproportionately native-born Hispanics, foreign-born immigrants, women, and the college-educated, who find employment in relatively low-wage service sectors like medical services, education, retail, and hospitality. Using the panel structure of the employer-employee data, we decompose changes in the employment composition of places into trade-induced shifts in the gross flows of people across sectors, locations, and non-employment status. Contrary to standard models, trade shocks reduce geographic mobility, with both in- and out-migration remaining depressed through 2019. The employment recovery instead stems almost entirely from young adults and foreign-born immigrants taking their first U.S. jobs in affected areas, with minimal contributions from cross-sector transitions of former manufacturing workers. Although worker inflows into non-manufacturing more than fully offset manufacturing employment losses in trade-exposed locations after 2010, incumbent workers neither fully recover earnings losses nor predominately exit the labor market, but rather age in place as communities undergo rapid demographic and industrial transitions.
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  • Working Paper

    Financing, Ownership, and Performance: A Novel, Longitudinal Firm-Level Database

    December 2024

    Working Paper Number:

    CES-24-73

    The Census Bureau's Longitudinal Business Database (LBD) underpins many studies of firm-level behavior. It tracks longitudinally all employers in the nonfarm private sector but lacks information about business financing and owner characteristics. We address this shortcoming by linking LBD observations to firm-level data drawn from several large Census Bureau surveys. The resulting Longitudinal Employer, Owner, and Financing (LEOF) database contains more than 3 million observations at the firm-year level with information about start-up financing, current financing, owner demographics, ownership structure, profitability, and owner aspirations ' all linked to annual firm-level employment data since the firm hired its first employee. Using the LEOF database, we document trends in owner demographics and financing patterns and investigate how these business characteristics relate to firm-level employment outcomes.
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