Journal Article
KC Fed LMCI Can Help Sift Out Noise in Payroll Data
Abstract: Data on monthly payroll growth are noisy and subject to revisions, making real-time assessment of the health of the labor market challenging. We use the information encoded in the Kansas City Fed’s Labor Market Conditions Indicators (LMCI) to get a cleaner picture of payroll growth. According to the LMCI-implied estimates of payroll growth, the labor market may be stronger than official data suggest.
Keywords: Labor Market Conditions Indicators (FRB Kansas City LMCI); Payroll; Current Establishment Survey (CES);
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https://www.kansascityfed.org/documents/10653/EconomicBulletin25LusompaMustredelRio0113.pdf
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Bibliographic Information
Provider: Federal Reserve Bank of Kansas City
Part of Series: Economic Bulletin
Publication Date: 2025-01-13
Pages: 3