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Labor market “activity declined modestly and momentum remained high in January,” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) slid to 0.97 from 1.06 in December, the Bank said Wednesday.
The momentum indicator was 0.94, down from 1.07 in December.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.11 in the past half year, with the largest contribution coming from the quits rate. Positive contributions were made by 14 variables while 10 were negative.
The momentum indicator’s largest contributor was initial claims. Positive contributions were made by 16 variables, while 8 were negative.
