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The labor market is suffering from sclerosis. While employers are no longer firing workers – the percentage of workers laid off or fired in 10/11 was lower than in ’07, before the recession – they also aren’t hiring. Similarly, few of the employed are quitting their jobs. Usually about 2% of all workers quit their job each month. Now, it’s just 1.5%. In combination, these two trends make it very hard for the young and the unemployed to find work.

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