You are senior economists at the Federal Reserve Bank of New York and will prepare a monetary policy recommendation for the November 2 3, 2021 Federal Open Market Committee (FOMC) meeting. You have been asked to use data released from January 2020 to September 30, 2021. Use the Primer on Monetary Policy and the focus questions below to inform your analysis and make your recommendation.

Labor Market Conditions

Identify, according to the data, the state of the labor market

Identify the currently desired (Frictional) NAIRU/Natural Rate of Unemployment level

Identify Cyclical vs Structural Unemployment/Involuntary Part Time employment

Industrial Payrolls versus Services employment (if available in the data)

Evolution of unemployment in the last 3-4 quarters

Recent and Overtime Labor Force Participation Rate