Much of the economic focus in the US has been centered on a flawed statistic, the unemployment rate

Much of the economic focus in the US has been centered on a flawed statistic, the unemployment rate. After all, if the Fed is going to set policy based on the country's unemployment, shouldn't it be using a more reliable metric? Apparently, the Federal Reserve Bank of New York believes so. Although the Fed has often said it relies on far more than just the unemployment rate, the New York Fed just released a new charting tool which does a better job of measuring job market health. Besides the standard unemployment rate, the new tool measures other important factors such as hours worked, labor force participation, and wages. For those following the employment situation in the US, these eight categories give a much more in-depth view of the overall labor market. Check it out for yourselves here: (VIEW LINK)