WASHINGTON (10/7/14)--In its first-ever scheduled release, the Federal Reserve's labor market conditions index (LMCI) climbed to 2.5 in September from 2 in August, indicating slow momentum in the job market over the month (MarketWatch Oct. 6).
Since 2009, the LMCI has averaged a rate of 4.77.
The Fed announced in May that it will begin publishing a monthly update of the gauge, which combines data from 19 separate labor market indicators.
The Fed, which said that it finds the index to be "useful for assessing changes in labor market conditions," has maintained that, in addition to inflation, the health of the labor market will play a huge role in determining when the central bank will begin raising interest rates from their near-zero levels.
Each month, the Fed will update the gauge on the first business day following the Bureau of Labor Statistics' Employment Situation report.
In Friday's employment report, the government relayed that the economy added 248,000 jobs in September, helping push the unemployment rate below 6% for the first time since the financial crisis of 2008 (News Now Oct. 6).