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Welch Consulting Employment Index Rose in August 

The Welch Consulting Employment Index rose 0.2 in August after a gain of 0.1 in July.  These two increases bring the index back to its May value of 98.5.  The index is 0.5 higher than the December 2014 value of 98.0.  

The Welch Index measures full-time equivalent employment after adjustment for population growth and the aging of the workforce. The Index value of 98.5 indicates that adjusted full-time equivalent employment is 1.5% below its level in the base year of 2004.  

The index increased for both men and women, with the index for men advancing 0.3 to 97.1 and the index for women rising 0.2 to 100.4.  Both men and women are up 0.1 over the last three months.  The year-to-date increase is larger for men -- 0.6 vs. 0.4 for women.  

The increase in the Index over the past year means that full-time equivalent employment has been growing at a faster rate than the adult population. The Welch Index is 1.2% higher than it was one year ago.  Full-time equivalent employment has been increasing over 1.0% faster than the adult population growth over the past year (after making adjustments for the aging of the U.S. adult population).  

Technical Note: Full-time equivalent employment equals full-time employment plus one half of part-time employment from the BLS household survey.  The Welch index adjusts for the changing age distribution of the population by fixing the age distribution of adults to the distribution in the base year of 2004.  Seasonal effects for the share of workers employed in part-time jobs are removed in a regression framework using monthly indicator variables.