[Federal Reserve's Daly: The Fed Should Focus on Employment Rate, Not Number of Jobs] Federal Reserve Bank of Canada President Mary Daly stated that the economy no longer needs to create as many jobs as before to maintain the same employment rate. In this environment, monthly hiring data no longer accurately reflects the health of the labor market. The unemployment rate may be a better measure. She stated, "Ratios and indicators such as the employment-to-population ratio, the unemployment rate, the turnover rate, or the hiring rate reflect changes in the size of the labor force, thus providing a clearer picture of the health of the labor market."
