The Lagging Labor Market Indicators - Payrolls and Unemployment Rate

Lizanne Jones: Unemployment rate is not only a lagging indicator, it's one of the most lagging indicators. She says there are things that happen well before a change in payrolls and a change in the unemployment rate. The Fed wants to weaken the labor market but even Powell concedes that the unemployment rate needs to go up for them to accomplish their goal,. But again, to your point on all of this, the headline numbers are in the rear view mirror. You have to look like what's happening in terms of hours worked in terms of wages.