3 Based on this array of labor market indicators, I judge labor utilization to be reasonably close to its normal longer-run level while also recognizing that estimates of 1  The sustainable longer-run pace of payroll employment growth depends on a number of a factors, such as the growth rate of the working-age population, trend movements in labor force participation, and the prevalence of self-employment and multiple job holdings, so it cannot be predicted with precision.
2 The normal level of the U-6 measure may now be somewhat higher than it was prior to the financial crisis because of a trend toward greater reliance on part-time workers in many sectors. See Golden (2016). 3 See Aaronson and others (2014). -3the sustainable levels of the unemployment rate and the employment-to-population ratio are inherently imprecise.