Which firms have been shedding the jobs?

Ryan Decker is a former BYU student who worked for Kerk Phillips and me. He is now a PhD student at the University of Maryland and is on the research staff of the Center for Economic Studies at the Census Bureau. He posted this very interesting picture.

NetJobFlows.png
If you look at new firms, they are adding the most workers and shedding the least. But that is by definition. What is interesting is that it is the middle aged firms (Age 4) and the old firms (16+ years) that have been the source of the vast majority of the job losses over the last 5 years and in every economic downturn in the labor market back to 1988.