Contrary to popular belief, career-type employment practices remain the norm in the U.S. labor market, and employers continue to shoulder risks for employees. Evidence to support this claim is drawn from a variety of sources: data on tenure and mobility; analysis of new job creation and job quality; recent employer responses to labor-market tightness; and data on wage premiums, fringe benefits, and training. Yet employees are bearing more risk today, including risk of job loss and of compensation fluctuations. This is an important change from the past. Nevertheless, there are limits—economic, demographic, and political—to the risk-shifting process.

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