Here’s another way to look at the job market

Labor Market Conditions Index (December 2016)

– LMCI -0.3. Previous was +2.1.

This is a relatively new indicator of the overall health of the Jobs Market. It is produced by the Federal Reserve and looks at 19 different pieces of data. In essence it is an attempt to use more than the unemployment rate to gauge the health of the jobs market.

This graph of the LMCI shows the disconnect between the lower unemployment rate and the lower LMCI may be because the vast majority of jobs created in the past 10 years are not full time, traditional jobs. They are part-time, on call, contract workers, temporary, or self employment.