I have been tied up most of today so have little time to write my blog. I was interested in the most recent US labour market data which suggested that in net terms there was some improvement in employment growth. I wondered how this translated into increasing the probability that an unemployed person might get a job and how likely it was that an employed person would lose their job. The recovery is clearly nascent and risks being squashed by the moronic leadership being shown in the US Congress at the moment. So how far has the US labour market come since the recession started? Gross flows analysis allows us to gain insights into this sort of question. So are things improving in the US?