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US labour market has come a long way since the crisis.
Key highlights -
- Unemployment rate has fallen from 10% in 2010, to just 5.1% as of August 2015. Some might argue pre-crisis level was 4.4%, however that level was reached with economic boom, which is not the case now. Moreover unemployment rate hasn't fallen below 4.1% since 1970. Looking for such level would mean economy has picked as these levels are usually seen at economic peak. Unemployment rate has fallen to FED's target of long term unemployment level.
- Job losers' level has dropped to 2.6%, a level not seen in seven years and from its peak of 6.5%.
- JOLTS job openings now at record high of 5.8 million. Argument is that FED can't diminish skill gap with its ultra-loose monetary policy.
- Quit rates now stands at 1.9%, a level not seen since 2008.
- Initial jobless claims is now hovering at level not seen in more than 40 years. Argument is strong that with one objective is done with (almost), 25 basis points hike is no big deal.
- Only glitch is that, average earnings haven't picked up fast enough compared to unemployment drop.
FOMC will announce its rate decision at 18:00 GMT, which will follow Janet Yellen press conference at 18:30 GMT.
