About the book

Turbulent change is the hallmark of the U.S. economy, and one of the reasons for its success. Every week, in every part of the economy, and in every corner of the country, some firms are shutting down and others are starting up, some jobs are being created and others are being destroyed, some workers are being hired and others are quitting or being laid off.

The analysis in this book combines facts gleaned from studying millions of data points on millions on firms and workers, as well as from interviews with firms in each industry to answer some key questions about the relationship between economic turbulence and:

  1. Firm performance and survival: What is the relationship between workforce quality, turnover, and firm survival?
  2. Worker career paths: What impact do firms have on workers' career paths? What is the long run impact of firm stability and instability on a worker's earnings growth?
  3. Wage distribution: What has happened to worker earnings over time? What has happened to middle, low, and high income jobs? Do new firms pay more or less than old?

This is achieved by describing what has happened in five industries that are familiar to all Americans: semiconductors, software, financial services, retail food, and trucking. These industries have been studied in depth by researchers at the respective Sloan Industry Centers.

  • Chapter 2 defines economic turbulence and describes the data, concepts, and methods used in this book.
  • Chapter 3 provides background on the five Sloan industries, which including financial services, retail food, semiconductors, software, and trucking.
  • Chapter 4 is a detailed discussion of firm performance and its relationship with workforce quality and turnover.
  • Chapters 5 and 6 look at the other side of the labor market, focusing attention on workers' job ladders and career paths, respectively.
  • Chapter 7 looks at the impact of turbulence on the earnings distribution, and in particular on the fortunes of middle-class workers

Funding for this book and the associated research papers was provided by a generous grant from the Alfred P. Sloan Foundation to the Urban Institute, the University of Maryland, and five Sloan Industry Centers:

Research was performed in collaboration with the Longitudinal Employer–Household Dynamics (LEHD) program at the U.S. Census Bureau.

About this website

This website provides supplemental tables, figures, and data for researchers; links to additional references; and information about the contributors. See here for information on purchasing this book. Website design and implementation by Yooki Park.