On the second front, Guidelines on operational risk data collection will be issued to enhance the scope of loss data gathering in line with Basel II requirements and to provide the industry a minimum set of instructions for consistent recognition of losses and their reporting to a centralized data consortium. These projects are at an advanced stage of consultation with the industry.
The unemployment rate fell to 4.7 percent in May, but that decline mainly occurred because fewer people reported that they were actively seeking work. A broader measure of labor market slack that includes workers marginally attached to the workforce and those working part-time who would prefer full-time work was unchanged in May and remains above its level prior to the recession.