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We merge QCEW and JOLTS microdata to study recruiting intensity of firms in the cross section and over time. We show that vast establishment-level heterogeneity in vacancy filling rates is entirely explained by differences in gross hiring rates. We provide theory that supports these facts and, through the lens of this theory, combine firm-level decisions and data into an empirical measure of Aggregate Recruiting Intensity (ARI). We show that procyclicality of ARI is primarily due to reductions of recruiting effort in slack labor markets. Jointly, these results inform a proxy ARI index that is easily computable from publicly available data.
