Today, the Federal Reserve Bank of New York unveiled an effective tool that helps users to better understand the dynamics of the labor force. “The labor market is far more complex than a few indicators, like the unemployment rate or payroll growth, can capture. Understanding the workings of the labor market requires closely following the evolution of different aspects of the labor market. In this page, we have presented various important labor market indicators, in eight main categories, to provide a complete snapshot of the labor market.” There is even a ‘labor mismatch’ index which tries to gauge the extent to which there is any mismatch between the labor supply (i.e., workers) and labor demand (employers). The mismatch, it has been argued, may be due to a gap between what a particular job asks for in terms of skills and what skills those applying for the position may or may not have.
Source: New York Federal Reserve Bank - http://www.newyorkfed.org/labor-conditions/
Click on the following link for the new tool: Eight Different Faces of the Labor Market