POWELL'S EMPLOYMENT DASHBOARD

Most Importantly: Unemployment Rate

When Jerome Powell and the Federal Reserve assess if we have reached "maximum employment," the overall unemployment level is the first data they look at. As of December 2021, the unemployment rate has decreased to 3.9 percent, just 0.4 percent from the all-time low unemployment rate of 3.5 percent. "Maximum employment" is a vague phrase, but employment was previously considered around "maximum" at similar, sub-4-percent levels.

LABOR FORCE PARTICIPATION RATE

Another key piece of data when determining "maximum employment" is the labor force participation rate. This is calculated as the size of the labor force divided by the working-age population (15-64). Here, the rate is still about 1.5 percent from the maximum it reached in 2019.

LABOR FORCE PARTICIPATION- 55 YRS & OVER

A piece of why labor force participation has stalled out seems to be because people under the age of 64 are retiring.

LABOR FORCE PARTICIPATION- 25 - 54 YRS

Primary aged labor force participation has almost reached the pre-pandemic peak, as of mid-January 2023.

UNEMPLOYMENT RATE - HIGH SCHOOL GRADUATES, NO COLLEGE

High School graduates who did not attend college are especially important to the federal reserve, as they attempt to make sure the economic recovery is experienced by all. As of December 2021, these individuals had a 4.6 percent unemployment rate, still 1.2 percent away from the low unemployment rate of 3.4 percent in 2019.