Immigrants Equilibrate Local Markets Online Appendix for “ Immigrants Equilibrate Local Labor Markets :

As discussed in section I.A, there is substantial evidence that during the Great Recession employers responded to decreases in product demand through cutting payroll employment rather than by cutting wages. Figures A-1 and A-2 document this descriptive fact. Figure A-1 shows the national employment to population ratio among prime age workers (25-54) from 1979 to 2013. This ratio fell sharply between late 2007 and late 2009, declining by five percentage points. Compared to the pre-recession trend, it is clear that employment growth stalled by 2007, so we consider 2006 as the pre-recession baseline period and 2010 as the post-recession period throughout our analysis.