second half of last year and into early 2015, and labor market conditions moved closer tothose the Federal Open Market Committee(FOMC) judges consistent with its maximumemployment mandate. Since the middle of lastyear, monthly payrolls have expanded by about280,000, on average, and the unemploymentrate has declined nearly 1/2 percentage pointon net. Nevertheless, a range of labor marketindicators suggest that there is still room forimprovement. In...