2  BIS central bankers’ speeches  “creative destruction.” 5 To give a sense of the magnitude of this process, while net job gains and losses are typically measured in the hundreds of thousands each calendar quarter, gross job creation and destruction commonly run at a pace of roughly 7 million jobs each quarter.
Creative destruction has been shown to improve productivity as jobs that have low productivity are replaced with jobs that yield greater productivity. 6 However, a variety of data indicate that this feature of labor market dynamism has diminished. Since the 1980s, internal migration in the United States over both long and short distances has declined.