Second, I will also want to see further improvement in the labor market with solid further employment growth and further evidence of a narrowing of resource utilization gaps based on various indicators, including the unemployment rate, the labor force participation rate, the percentage of employees who are working part time for economic reasons, and faster wage growth.
The robust pace of labor market improvement was perhaps the brightest part of the data picture over 2014. As we have advanced into 2015, the pace of job gains has slowed. Average monthly nonfarm payroll employment gains in the past three months were a little under 200,000, down from last year’s pace of 260,000.