Labor market “activity declined and momentum remained high in June,” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) slid to 0.77 from 0.91 in May, the Bank said Wednesday.
The momentum indicator grew to 1.44 from 1.18 in May.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.28 in the past half year, with the largest contributor coming from an increase in job leavers. Positive contributions were made by 19 variables while 4 were negative and 1 was neutral.
The momentum indicator’s largest contributor was initial claims. Positive contributions were made by 17 variables, while 7 were negative.