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Economy in Brief

U.S. Labor Market Improvement Slows
by Tom Moeller  June 16, 2017

The Labor Market Conditions Index (LMCI) from the Federal Reserve Board includes 19 indicators of labor market activity, covering the broad categories of unemployment and underemployment. These include jobs, workweeks, wages, vacancies, hiring, layoffs, quits and other surveys of consumers and businesses. Because the trends in the index are slow-moving, Haver presents only the changes in the index. All are measured monthly and have been seasonally adjusted.

During May, the index value improved 2.3 points, the weakest increase since December. Earlier months' figures were little revised. The slower rise in last month's index reflected a lessened gain in private nonfarm payrolls, a lower labor force participation rate, stable hours worked and a steady y/y gain in average hourly earnings. Offsetting these influences was a lower unemployment rate, fewer persons working part-time for economic reasons and more small businesses planning to increase employment.

The LMCI data are available in Haver's USECON database.

Labor Market Conditions Index (SA) May Apr Mar May'16 2016 2015 2014
Monthly Index Change 2.3 3.7 3.5 -2.3 -0.3 2.1 5.2
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