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Economy in Brief

Fed Indicates Labor Market Conditions Tighten Slightly
by Tom Moeller  June 8, 2015

The Labor Market Condition Index (LMCI), from the Federal Reserve Board, provides a broad-based measure of the U.S. job market. Through December, it showed tightening conditions. During the winter, however, indications of slack developed, likely due to severe weather. In recent months the readings show little tightening of conditions.

The 19 indicators contained in the LMCI reflect activity in several labor market categories; unemployment & underemployment, employment, workweeks, wages, vacancies, hiring, layoffs, quits, consumer & business surveys. Haver presents only the change in the overall index, rather than its level, because the common components of the trends are slow moving. In our specification, short-run changes in the index are informative about movements in overall labor market conditions.

The Federal Reserve Board figures can be found in Haver's SURVEYS database.

Federal Reserve Board May Apr Mar May 2014 2014 2013 2012
Labor Market Conditions Index 1.3 -0.5 -1.0 6.9 5.4 4.0 3.7
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