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Updating the Labor Market Conditions Index

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Abstract

Starting Monday, October 6th, we will provide updated estimates of the labor market conditions index (LMCI) every month.

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  • Hess T. Chung & Christopher J. Nekarda & David Ratner, 2014. "Updating the Labor Market Conditions Index," FEDS Notes 2014-10-01-1, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2014-10-01-1
    DOI: 10.17016/2380-7172.0028
    Note: Notice: As of August 3, 2017, updates of the labor market conditions index (LMCI) have been discontinued; the July 7, 2017 vintage is the final estimate from this model. We decided to stop updating the LMCI because we believe it no longer provides a good summary of changes in U.S. labor market conditions. Specifically, model estimates turned out to be more sensitive to the detrending procedure than we had expected, the measurement of some indicators in recent years has changed in ways that significantly degraded their signal content, and including average hourly earnings as an indicator did not provide a meaningful link between labor market conditions and wage growth.
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    File URL: https://www.federalreserve.gov/econresdata/notes/feds-notes/2014/updating-the-labor-market-conditions-index-20141001.html
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