JOLTS as a timely source of data by establishment size

Monthly Labor Review

Volumn 134, Issue 5, 2011, Pages 16-24

  Krueger, Alan B ^a   Charnes, Sarah ^b  

^a PRINCETON UNIVERSITY   (United States)

^b United States Department of the Treasury   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 79959452649     PISSN: 00981818     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (13)

1. See, for example, Carmen M. Reinhart and Kenneth S. Rogoff, This Time is Different: Eight Centuries of Financial Folly (Princeton, NJ, Princeton University Press, 2009).
2. See Mark Gertler and Simon Gilchrist, "Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms," Quarterly Journal of Economics, May 1994, pp. 309-40.
3. Allen N. Berger, Nathan H. Miller, Mitchell A. Petersen, Raghuram G. Rajan, and Jeremy C. Stein, "Does function follow organizational form? Lending practices of large and small banks," Journal of Financial Economics, spring 2005, pp. 237-69.
4. JOLTS data from the time of the financial crisis were cited in Alan Krueger's testimony before the Joint Economic Committee on May 7, 2010.
5. In "The perils of being small," The Economist, May 13, 2010.
6. In The 2010 Joint Economic Committee Report (Washington, DC, U.S. Government Printing Office, 2010).
7. To reduce sampling error and facilitate comparisons, for the purposes of this article, the size categories are collapsed into three groups: small establishments (1-49 employees), medium-size establishments (50-249 employees), and large establishments (250 or more employees).
8. A description of the methods used in calculating the experimental series is available at http://www.bls.gov/jlt/sizeclassmethodology.htm (visited May 2, 2011).
9. The sample size is larger in the first month of each quarter; see page 19 of http://www.nfib.com/Portals/0/PDF/sbet/sbet201011.pdf (visited May 3, 2011) for the sample size each month over the past 5 years.
10. ADP's sample is the company's customers, which are described as "separate business entities." This group of entities is probably a mixture of establishments and firms, given that the ADP National Employment Report says, "In some cases, small and medium-size payrolls belong to businesses employing more workers than indicated by the size group.".
11. If the same period is used to calculate the correlation in small business job growth between JOLTS data and ADP data, the correlation is 0.80.
12. Estimates of births and deaths of businesses are incorporated into the experimental JOLTS series by using a birth and death model to account for business births and deaths that may not be captured by the survey. This is performed at the size-class level. We propose that the CES program incorporate the birth and death model in a similar manner, after collecting size-class data.
13. See the testimony cited in note 4.