Federal Reserve to no longer release its labor market conditions index

The Federal Reserve has used its labor market conditions index (an in-house tool) to gauge the momentum of the labor market.

But, ...

• "We decided to stop updating the [labor market conditions index] because we believe it no longer provides a good summary of change in U.S. labor market conditions"

More:

• It added that including average hourly earnings didn't provide a meaningful link between labor market conditions and wage growth

Link to DJ for more: Fed ends release of its own employment yardstick