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These Three Charts Illustrate the Fed's Labor Market Dilemma

For one thing, the historic relationship of labor market indicators such as the separation rate with wage growth appears to have broken down.

On Wednesday, the Bureau of Labor Statistics will release its latest Job Openings and Labor Turnover survey at what is a critical time for Federal Reserve policymakers.

Members of the Federal Open Markets Committee had been signaling their intention to hike the central bank's benchmark interest rate in September for the first time since June 2006. However, a combination of oil price falls and volatility in financial markets following China's decision to allow the yuan to weaken has left many people questioning the wisdom of the Fed moving this month.