Chung, Hess; Fallick, Bruce C.; Nekarda, Christopher J.; … - Federal Reserve Board (Board of Governors of the … - 2014
This paper describes a dynamic factor model of 19 U.S. labor market indicators, covering the broad categories of … businesses' perceptions. The resulting labor market conditions index (LMCI) is a useful tool for gauging the change in labor … market conditions. In addition, the model provides a way to organize discussions of the signal value of different labor …