This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Layoffs Are Up! All Other Labor Measures on Yellen's 'Dashboard' Are Down

NEW YORK ( TheStreet) -- The labor market is still in the pits. It's improved a lot since its 2009/10 nadir, but it's still weak compared to pre-recession levels -- and even more so relative to long-term trends of employment growth.

This according to a "dashboard" of labor-market indicators that Federal Reserve Chair Janet Yellen has talked about of late,* a dashboard that she says she and the Fed will use to help determine the state of the economy and determine monetary policy. 

The folks at RecessionAlert have been nice enough to read my mind and display a dashboard of nine of those indicators in just the form I desired, saving me the trouble of preparing it for you. They've also added a handy average of the nine.

For your delectation:

Only one of those 10 indicators -- layoffs -- has achieved new highs since the downturn, by this method of display. It achieved that remarkably quickly, by 2010, and has remained above that level ever since.

Can you say " dual mandate"? Any Fed assertions to the contrary notwithstanding, the Fed is always more concerned with inflation than employment (even during times -- like now -- when inflation and all measures of inflation expectations are at historic lows).

Takeaway: With inflation and labor indicators all in the pits, don't expect any significant monetary tightening from the Fed until mid-2015 at the earliest. Only eight of 18  primary dealers expect tightening by that time, according to an April Reuters Poll.

* The dashboard term actually seems to have been coined by Robin Harding in a March 2013 Financial Times piece. Jeff Kearns of Bloomberg News picked it up in a question at Yellen's March 19, 2014 press conference. Yellen used it a couple of times in her responses, and it's since become widely current.

Steve Roth is an investor and serial entrepreneur in Seattle. He blogs at

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs