Today, the Federal Reserve released their latest read on Labor Market Conditions showing that conditions worsened in May with the index falling to a weak level of -4.8 from April's reading of -3.4.
The Labor Market Conditions Index (LMCI) is a recent innovation by the Fed, conveniently incorporating the latest dynamics of 19 different labor market indicators into one simple series which has become a favorite economic measure for many labor market watchers, including the current Fed Chair Janet Yellen.
The chart above displays the LMCI alongside the monthly change to the Labor Department's Total Nonfarm Payrolls series (a constituent of the LMCI).
