Labor Market Flows and the Covid-19 Economy

I examine labor market flows in the CPS through March 2020. Although there wasa dramatic single month increase in the unemployment rate and exit rate from em-ployment, most cyclical flows (hiring, employer-to-employer flows, quits) have not yetchanged substantially. I show that increases in flows to non-employment are concen-trated in a few sectors (hospitality, other services, and construction), suggesting thatthe economic slow-down was not yet widespread in March of 2020. However, I showthat within-individual hours decreased in March 2020, and this reduction was broadbased across industries, occupations, and demographic groups.