Getting error 'Failed to create directory /var/lock/lvm' during boot process

Issue

• After updating the system to RHEL 6.8 or just updating the lvm2 package to 2.02.143-7.el6 or later system shows following error on console during boot process. Although all the lvm commands, operations are working without any issue.

      Welcome to Red Hat Enterprise Linux Server
  Starting udev:                                             [  OK  ]
  Setting hostname terminus-temp:                            [  OK  ]
  Setting up Logical Volume Management:   Failed to create directory /var/lock/lvm.
    5 logical volume(s) in volume group "vg_00" now active
                                                         [  OK  ]
  [...]
  

• What does above error message indicate? is it harmful?