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Discussion Paper

Updating the Labor Market Conditions Index


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

https://doi.org/10.17016/2380-7172.0028

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Bibliographic Information

Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: FEDS Notes

Publication Date: 2014-10-01

Number: 2014-10-01-1

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.