Great Graphic: Employment in US and UK

The September US jobs data was stronger than expected.   However, US interest rates pulled back after initially moving higher.  US rates are edging lower today.    

This week's labor market reports include the Fed's new Labor Markets Condition Index and JOLTS.  These are probably more important from Yellen, Fischer and Dudley's vantage point that last week's report.  The key issue is whether the characterization of the labor market in the FOMC statement (Oct 29) will continue to identify "significant underutilization of labor resources." 

Leaving aside the lack of upside pressure on wages, the qualitative measures suggest that while the labor market is healing, it is still not healthy.  Great Graphic was tweeted by Michael O'Connor (his blog: strongerinnumbers.com).  It shows the employment rate for the labor force (16 years and older) in the US and UK.  The US remains in the trough (albeit in the upper end ), while the UK is only about a percentage point higher.  However, it is near pre-crisis levels, while the US remains well below. 

Great Graphic: Employment in US and UK Great Graphic:  Employment in US and UK Reviewed by Marc Chandler on October 06, 2014 Rating: 5
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