Last week, for the first time, we released our assessment in the Financial Stability Report. 2 Today I will offer a brief summary of the outlook, highlight areas where I see financial imbalances building, and touch on the implications for policy. Sustaining the Expansion Domestic economic momentum has been strong, as evidenced by the labor market.
With the November data, monthly payroll gains have averaged 170,000 over the past 3 months, well above the pace necessary to absorb new entrants into the labor force. The share of the prime-age population (people ages 25 to 54) that is working is closing in on its pre-crisis level.