Labor market “activity declined and momentum remained high in September,” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) slid to 0.89 from 1.05 in September, the Bank said Wednesday.
The momentum indicator was 1.43, up from 1.38 in August.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.12 in the past half year, with the largest contributor coming from the percent of firms planning to increase employment (NFIB). Positive contributions were made by 14 variables while 9 were negative and one was neutral.
The momentum indicator’s largest contributor was initial claims. Positive contributions were made by 17 variables, while 7 were negative.
