본문 내용으로 건더뛰기

KDI 경제정보센터

ENG
  • Economic

    Information

    and Education

    Center

최신자료
Can Earnings Calls Be Used to Gauge Labor Market Tightness?
FRB of St. Louis
2024.06.19
Labor market tightness is a key labor issue that firms face and an important consideration in monetary policy decisions. Economists typically measure tightness as the ratio of job vacancies to unemployed workers.1Data on the number of job vacancies are from the monthly Job Openings and Labor Turnover Survey conducted by the U.S. Bureau of Labor Statistics. Data on the number of unemployed workers are from the Current Population Survey, which is conducted by the U.S. Census Bureau for the Bureau of Labor Statistics. However, this measure of labor market tightness can only be disaggregated by industry, region and broad sizes of establishments. In this blog post, we employ a novel, textual analysis of corporate earnings calls to obtain a measure of labor issues that each publicly traded firm faces.2The authors plan to publish a forthcoming St. Louis Fed working paper on this research.