12/11/2019

Employee tenure

"The overall figure includes workers under age 25, and that may skew the number downard. If you dig into the BLS release, you find that for workers aged 35-44, the median tenure is around 5 years. That is still not terribly long. This is not the textbook picture of the labor market, in which everybody works in the GDP factory in “the” job at “the” wage rate. I see it as another reason to prefer the framework that I call patterns of sustainable specialization and trade."