This is a composite index of data that's already been released so it doesn't tell us anything new about the economy but it's a decent snapshot of the jobs picture, which is a confusing one right now. Last week, ADP and ISM report very soft metrics on jobs while non-farm payrolls were solid.
This indicator doesn't clear anything but you can see the downtrend that's been ongoing for some time, though it's flattened out in the latest month.
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