Labor market “activity increased modestly and momentum remained high in July,” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) inched up to 0.84 from 0.75 in June, the Bank said Wednesday.
The momentum indicator dipped to 1.43 (rounded up) from 1.43 in June.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.25 in the past half year, with the largest contributor coming from an increase in job leavers. Positive contributions were made by 17 variables while 7 were negative.
The momentum indicator’s largest contributor was initial claims. Positive contributions were made by 17 variables, while 7 were negative.
