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We examine patterns of regional adjustments to shocks in the US during the past four decades. We find that the response of interstate migration to relative labor market conditions has decreased, while the role of the unemployment rate as absorber of regional shocks has increased. However, the response of net migration to regional shocks is stronger during aggregate downturns and increased particularly during the Great Recession. We offer a potential explanation for the cyclical pattern of migration response based on the variation in consumption risk sharing.

Labor market -- Econometric models. --- Labor market -- Japan. --- Labor market -- United States. --- Business & Economics --- Labor & Workers' Economics --- Labor market --- Labor demand --- Labor mobility --- Unemployment --- Regional economics --- Econometric models. --- Economic aspects --- Joblessness --- Mobility, Labor --- Demand, Labor --- Demand for labor --- Employees --- Market, Labor --- Supply and demand for labor --- Supply and demand --- Economics --- Regional planning --- Regionalism --- Space in economics --- Employment (Economic theory) --- Full employment policies --- Labor supply --- Manpower policy --- Right to labor --- Underemployment --- Migration, Internal --- Labor turnover --- Markets --- Labor markets --- Econometric models --- Economic aspects&delete& --- E-books --- Labor --- Demography --- Emigration and Immigration --- Foreign Exchange --- Wages, Compensation, and Labor Costs: General --- International Migration --- Labor Demand --- Demand and Supply of Labor: General --- Employment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Demographic Economics: General --- Labor Force and Employment, Size, and Structure --- Labour --- income economics --- Migration, immigration & emigration --- Population & demography --- Migration --- Population and demographics --- Labor force --- Emigration and immigration --- Economic theory --- Population --- United States