Fed Needs to Focus on Ratios, Not Payroll Numbers, Daly Says -- Market Talk

Dow Jones00:02

1202 ET - The economy doesn't need to create as many jobs as before to keep the same share of the population employed, San Francisco Fed President Mary Daly writes. And in that environment, the monthly hiring numbers are no longer the best gauge of the labor market's health. The unemployment rate is likely to be a better metric. "Ratios and rates like the employment-to-population ratio, the unemployment rate, the quits rate, or the hiring rate, which account for changes in the size of the labor force size, can provide a clearer picture of labor market health," she writes in a blog post. (matt.grossman@wsj.com; @mattgrossman)

(END) Dow Jones Newswires

April 03, 2026 12:02 ET (16:02 GMT)

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