K.C. Fed: Labor activity gains, momentum strong in December
Labor market “activity increased and momentum remained high in December,” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) rose to 1.05 from 0.86 in November, the Bank said Wednesday.
The momentum indicator was 1.11, down from 1.26 in November.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.29 in the past half year, with the largest contribution coming from average hourly earnings. Positive contributions were made by 20 variables while 4 were negative.
The momentum indicator’s largest contributor was initial claims. Positive contributions were made by 17 variables, while 7 were negative.