Updating the Labor Market Conditions Index
Description
The LMCI is derived from a dynamic factor model that extracts the primary common variation from 19 labor market indicators. One essential feature of the authors' factor model is that its inference about labor market conditions places greater weight on indicators whose movements are highly correlated with each other. And, when indicators provide disparate signals, the model's assessment of overall labor market conditions reflects primarily those indicators that are in broad agreement.
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Tags
- data-resource
- labor-economics
- real-activity
- labor-compensation
- frs-research-data