The Bank of Canada calls theirs the "Labour Market Indicator". I now learn from Tim Duy (HT Mark Thoma) that the US Fed has one too, and calls theirs the "Labor Market Conditions Index". I think that LMI and LMCI are roughly the same sort of thing. It's an index number that is supposed to measure the amount of labour market slack [or tightness, for the LMCI], that is based on more than just the unemployment rate. (The Bank of Canada reports an LMI for the US too, and I don't know how much it agrees or disagrees with the Fed's LMCI.)
I read Tim as asking, quite reasonably, how we can know whether the LMCI is a useful indicator for the Fed to watch. Simon van Norden asked basically the same question about the LMI in a comment on my post. In particular, does the LMI/LMCI add any useful information for monetary policy that is not already in the unemployment rate?
Here's how to test whether the LMI is a useful indicator: