It is large.
When budgets are tight and a layoff is pending the hiring manager is releasing the employee onto an uncertain labor queue, long. The hiring manager makes up for lost reserve labor with double duty for the remaining employees.
With a high labor market uncertainty, the hiring manager cannot count on making up reserves with rapid hiring and firing. He will raise productivity internally until the labor market is visibly changed. That is a large quantization error, he is waiting for the labor market intermediaries to get the hiring queues organized.
The key to improving labor market efficiency is to lower the hire and fire costs and get more efficient third party intermediaries, keep the labor queues stable. But we have technology that can help, in the form of secure element. Secure personal history couple with powerful labor market apps we can see more informative kills history and availability; as well a spending and living history. This personal inform can be volunteered on an anonymous basis to labor market 'pit bosses', unbiased matching algorithms, utilized from user selected labor agents that represent everyone fairly and anonymously. The employer knows more about what kind of workers have been released, including the ones he releases; an accurate but anonymous tradebook.
Large swings in unemployment show become smaller swings with a stoppings point in the middle. Hiring managers able to go 'short and long' on their various labor needs.
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