One Of Janet Yellen's Favourite Economic Indicators Is Coming Out Today

Janet yellenREUTERS/Joshua RobertsU.S. Federal Reserve Vice Chair Janet Yellen stands after testifying during a confirmation hearing on her nomination to be the next chairman of the U.S. Federal Reserve before the Senate Banking Committee in Washington, November 14, 2013.

Want to watch what Janet Yellen is watching?

Make sure you pay attention at 10:00 AM ET to the JOLTS. That’s the Job Opening And Labour Turnover Survey, and it gives us more insight into the labour market beyond what we get from the Non-Farm Payrolls report. Specifically, it looks at numbers like Job Openings and people who are quitting their jobs.

Why is this especially interesting? Because this is a great way to see if there’s any structural unemployment happening in the economy. If job openings are rising sharply, but actual employment is not rising sharply, it’s a sign that there’s a lot of potential work that’s going unfilled for some structural reason (like for example, there’s a shortage of qualified workers in fast-booming fields).

So far there hasn’t been much of any signs of structural unemployment, but it’s still worth watching.

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