FYI: Today's Job Openings and Labor Market Turnover Survey (JOLTS), released monthly by the Bureau of Labor Statistics, showed little progress in key indicators of labor market demand since last month. While we didn't see a noticeable deterioration for the July statistics versus June, there wasn't much to get excited about either. Fed Chair Janet Yellen has pointed to indicators within the JOLTS report as key signals in the Federal Open Markets Committee (FOMC) assessment of labor market tightness. The FOMC continues to stress that labor market tightness - especially indicators like long-term unemployment, the labor force participation rate, wage growth, and a variety of JOLTS statistics - is the last remaining condition for a hike in rates. Today's report did not show any significant progress towards a best estimate of that condition.
Regards,
Ted
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