2.5  Establishments with 100 or more employees Establishments with less than 100 employees Total (5 or more employees)  1.5 2.0 1.5  1.0  1.0  0.5  0.5 0.0  0.0 -0.5 Hourly cash earnings  -1.0  -0.5 Hourly scheduled cash earnings (part-time employees)  -1.5 -2.0 10  11  12  13  14  15  16  -1.0 17 CY 95  97  99  01  03  05  07  09  Note: For hourly cash earnings, Q1 = March-May, Q2 = June-August, Q3 = September-November, Q4 = December-February.
Liquidity might have been an issue, too. With bond prices falling and many investors caught off guard, there appears to have been little appetite for taking long positions in bonds. For what it’s worth, the current level of bond market volatility is not exceptionally high. Indeed, it has been unusually low over the past year.