Yellen’s Razzle-Dazzle New Indicator Ignored — Even by Yellen

(Before It's News)

from Market Watch

When Federal Reserve Chairwoman Janet Yellen announces the creation of an economic indicator, it would be understandable to expect the markets to put great heed into it.

At arguably the central bank’s biggest stage — the annual Jackson Hole gathering of Fed and other economists — Yellen talked about the dilemma of trying to distill all the different jobs market indicators into one. She came up with a solution.

“One convenient way to summarize the information contained in a large number of indicators is through the use of so-called factor models,” she said in August 2014, following an assessment of the labor-market participation rate, the number of part-time workers for economic reasons, the quits rate and the hiring rate.

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