Multiple job holding, local labor markets, and the business cycle

Table 5 Effects of unemployment, employment growth, and job ads on multiple job holding

	Sub-base specification	Base specification	Base + MSA FE	Sample size
Unemployment rate	−0.192**	−0.207**	−0.030
	(0.032)	(0.030)	(0.023)	1,850,757
R ²	0.017	0.018	0.019
Employment growth	0.089*	0.103**	0.091**
	(0.036)	(0.035)	(0.033)	1,842,378
R ²	0.017	0.018	0.019
Unemployment rate	−0.191**	−0.205**	−0.024
	(0.032)	(0.030)	(0.023)
Employment growth	0.067	0.081*	0.089**	1,842,378
	(0.035)	(0.035)	(0.033)
R ²	0.017	0.018	0.019
Unemployment rate	−0.187**	−0.218**	−0.013
	(0.047)	(0.042)	(0.030)
Job ad growth	0.022*	0.021*	0.009	663,068
	(0.009)	(0.009)	(0.009)
R ²	0.018	0.019	0.020
Employment growth	0.144	0.174	0.134
	(0.104)	(0.091)	(0.079)
Job ad growth	0.013	0.009	0.004	660,240
	(0.010)	(0.009)	(0.009)
R ²	0.018	0.018	0.020
Occupation dummies	Yes	Yes	Yes
Industry dummies	Yes	Yes	Yes
Month dummies	Yes	Yes	Yes
Year dummies	Yes	Yes	Yes
Region dummies	No	Yes	No
MSA size dummies	No	Yes	No
MSA fixed effects	No	No	Yes

The MSA unemployment rate is a 3-month average, measured from 0 to 1. Employment and job ad growth are log changes in 3-month averages. Robust standard errors, clustered on MSA, are shown in parentheses. In addition to the regressors shown, the base regression includes indicator variables for education (5 dummies for 6 categories), age (9), gender, marital status (2), children in household (2), foreign born (2), union member, public employment, hours on primary job (6), industry (12), occupation (16), region (8), MSA size (5), month, and year dummies. The “sub-base” specification omits location measures. The “base + MSA FE” specification adds MSA fixed effects. Excluded reference groups include those ages 18–19, high school dropouts, male, white, formerly married, native-born citizen, private sector, no children in household, weekly hours vary, and not union member. The job ad growth measure is available for 52 large MSAs from late 2005 through 2013. See text for further information
*Significant at 0.05 level; **significant at 0.01 level