A Shrinking Share of Americans Move to a New Address

Apollo Chief Economist

US households are less and less mobile, and after the Fed started raising rates, the self-reported probability of moving residence started trending down again, see charts below.

A less mobile labor force will ultimately have negative consequences for GDP growth because workers with relevant skills do not move to regions with job growth. This is what we see in Europe, where language barriers limit mobility between regions in the euro area.

Structural decline in the share of the US population moving to a new address
Source: Census CPS, Apollo Chief Economist
Self-reported probability of moving residence continues to decline
Source: FRBNY, Haver Analytics, Apollo Chief Economist. Note: Data is “self-reported” about the expectation from households.

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