U.S. Outlook: The labor market through a different prism
Through the lens of the March jobs report, the U.S. labor market recovery continues unabated. But what are other labor market indicators telling us about the current health and future state of the jobs market?
For more details, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on April 8.Key observations:
- The Fed’s recently designed comprehensive labor market conditions index (LMCI) was negative for the third consecutive month in March.
- On a more positive note, the unemployed-to-job openings ratio has once again returned to its pre-recession low.
- It will be difficult for hiring to maintain its recent pace in the months ahead in the face of somewhat lower job openings, which fell to 5.44 million from an upwardly revised 5.6 million in January.