Job Vacancy Durations Climb to New Peak Eclipsing Previous Highs in 2001, 2007 and 2013 Dr. Steven J. Davis University of Chicago Booth School of Business June 10, 2014 http://dicehiringindicators.com/

Decennial Census Hiring Source: Own calculations using data from the JOLTS http://www.bls.gov/data/#employment

Source: Own calculations using data from the JOLTS http://www. bls

Three-Month Moving Averages

Mean Vacancy Duration (Number of Working Days) By Industry and Time Period   2001 to 2003 2004 to 2005 2006 2008 2009 2010 to 2012 2013 Jan. 2014-Apr. 2014 Resources 12.0 12.1 17.8 17.9 13.7 18.9 20.4 Construction 7.8 7.9 10.1 7.3 4.5 6.2 9.8 11.1 Manufacturing 17.4 19.4 24.2 21.5 13.6 23.5 28.3 28.5 Wholesale and Retail Trade 14.2 15.4 16.5 15.3 13.2 15.9 19.9 19.0 Warehouse, Trans. & Utilities 18.5 21.1 20.8 10.5 18.1 22.4 Information 25.9 31.7 45.2 34.5 24.8 41.1 36.6 38.7 Financial Services 28.0 31.0 34.7 27.6 25.7 33.8 35.7 35.5 Professional and Business Services 18.2 20.0 21.4 16.4 18.8 19.5 Education 21.2 24.1 26.4 22.5 18.3 23.4 22.3 Health Services 39.1 34.6 38.3 36.3 29.8 33.6 34.9 Leisure and Hospitality 13.8 16.2 14.9 10.6 13.4 16.7 Other Services 17.5 20.2 23.8 17.1 18.6 20.1 Government 32.9 29.7 32.6 35.9 32.2 33.1 34.8 Non-Farm 19.2 21.7 21.0 22.9 Note: We can highlight different time periods, if desired.

Recruiting Intensity Index By Industry and Time Period   2001 to 2003 2004 to 2005 2006 2008 2009 2010 to 2012 2013 Jan. 2014-Apr. 2014 Resources 0.99 1.08 1.03 1.05 0.70 1.01 0.98 1.09 Construction 1.07 0.97 0.89 0.93 0.83 Manufacturing 1.02 0.94 0.85 0.88 Wholesale and Retail Trade 1.10 0.96 0.84 Warehouse, Trans. & Utilities 1.13 1.11 Information 0.87 0.82 0.92 1.04 1.06 Financial Services 0.86 Professional and Business Services 0.90 1.00 Education Health Services Leisure and Hospitality Other Services 0.95 Government Non-Farm Note: We can highlight different time periods, if desired.

Focus on Professional & Business Services Mean Vacancy Duration (Number of Working days) By Industry and Time Period   2001 to 2003 2004 to 2005 2006 2008 2009 2010 to 2012 2013 Jan. 2014-Apr. 2014 Professional and Business Services 18.2 20.0 19.9 21.4 16.4 18.8 19.5 Private 18.3 18.6 21.0 15.5 19.0 21.6 22.1 Non-Farm 19.2 21.7 16.7 22.5 22.9 Recruiting Intensity Index 1.08 1.05 0.90 0.82 0.94 0.96 1.00 1.07 0.95 0.86 0.92

References Davis, Steven J., R. Jason Faberman and John Haltiwanger (2012), “Recruiting Intensity during and after the Great Recession: National and Industry Evidence,” American Economic Review, Papers & Proceedings, 102, no. 3 (May), 584-588. Davis, Steven J., R. Jason Faberman and John Haltiwanger (2013), “The Establishment-Level Behavior of Vacancies and Hiring,” Quarterly Journal of Economics, 128, no. 2 (May), 581-622.