The second set of results concerns the employment status in 1995 of workers employed in industry in 1993. In addition to remaining employed in the same industrial sector, five possible destinations for those who change status are distinguished: employment in a different industrial sector, employment in services, employment in agriculture, unemployment, and nonparticipation in the labor force. What is the relative importance of each of these destinations? How one evaluates the overall drop in industrial employment depends at least partially on the answer to this question. If most movers end up in unemployment, in labor force withdrawal, or in marginal agricultural activities, then it would appear that the substantial down-sizing is accompanied by relatively little genuine reallocation occurring, at least during the time period under observation. On the other hand, if most movers have new jobs in other industrial sectors or in services then the observed outflows of employment from industrial sectors is merely one side of the process by which labor is reallocated to new uses. Which view is near to the truth? In section 4, I attempt to answer this question by analyzing 1993-95 employment transition matrices for the entire matched labor survey sample (22,161 observations) as well as on a more detailed basis for those employed in industry (5,581) in 1993.