Monday, March 7, 2016
Labor Market Conditions Index Falls
The labor market conditions index, which is a broad composite of 19
separate indicators, fell back to minus 2.4 in February vs a downward
revised minus 0.8 percent in January. Strength tied to payroll growth or
the gain in the labor force participation rate are being offset by
February's drop in average hourly earnings and the decline in temporary
help payrolls as well as declines in non-government data such as the
jobs-hard-to-get subcomponent of the consumer confidence report or the
jobs-hard-to-fill component of the small business optimism index. These
results are a surprise and offer a different look at the labor market,
one that would confirm expectations for no action at next week's FOMC
meeting.
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