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The Federal Reserve's Labor Market Conditions Index (LMCI) increased by 1.6pts in October. The figure supports the last week's U.S. labor market data.
The strong of monthly estimates force to revise the quarterly forecasts. The Q3 figure is revised up by a total of 2.5pts with September, now it is expected a steady gain of 1.3pts.
At an average monthly increment of around 4pts, the index is in good path to recover the labor market losses in around 8 months, says Barclays. The nonfarm payrolls posted a solid growth of 217K in October is far better than expectation. Likewise, unemployment rate is reduced to 5.0%, wage rate posted a solid growth rate of 2.5% year on year. These indicators hints a solid recover in US labor market from the August/September slowdown, notes Barclays.
