Resource Utilization

How Much Slack Remains in Resource Utilization?

This memo evaluates the extent of economic and labor market slack in mid-2014 by comparing the FRB staff's unemployment rate gap with a variety of alternative measures and indicators.

Assessing Conditions in the Labor Market

Although the unemployment rate is the arguably the best single summary indicator of the labor market, it is important to consider additional indicators for a comprehensive assessment of current conditions and the future trajectory.