K.C. Fed: Labor activity up, momentum high in October
Labor market “activity increased modestly and momentum remained high in October,” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) inched up to 0.52 in October from 0.49 in September, according to the Bank.
The momentum indicator grew to 1.45 from 1.12 in September.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.18 in the past half year, with the largest contributor coming from an increase in the hires rate. Positive contributions were made by 14 variables while 8 were negative and 2 were neutral.
The momentum indicator’s largest contributor was an increase in the manufacturing employment index (ISM). Positive contributions were made by 19 variables, while 5 were negative.