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Economy in Brief

U.S. Labor Market Conditions Steadily Improve
by Tom Moeller  May 8, 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 April, the index value improved 3.5 points following increases of 3.6 and 3.2 points during the prior two months. These latter two figures were revised from 0.4 and 1.5 as more source data became available. Improvement in last month's index reflected a firmer gain in nonfarm payrolls, longer hours worked and a lower unemployment rate. Offsetting these influences was slower 12-month growth in average hourly earnings and a lower labor force participation rate.

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

The Outlook for the Economy and Monetary Policy is the title of today's speech by Loretta J. Mester, President & CEO, Federal Reserve Bank of Cleveland, and it can be found here.

Labor Market Conditions Index (SA) Apr Mar Feb Apr'16 2016 2015 2014
Monthly Index Change 3.5 3.6 3.2 -2.5 -0.3 2.1 5.2
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