Fed's Daly: The Fed should focus on the employment rate, not the number of jobs.

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, unemployment rate, turnover rate, or hiring rate reflect changes in the size of the labor force, thus providing a clearer picture of the health of the labor market." (Jin Shi)