Labor market "level of activity improved while momentum declined but remained high" as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) narrowed to negative 0.22 in July from negative 0.27 in June, according to the Bank.
The momentum indicator slipped to 0.78 from 1.19 in June.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.1 in the past half year, with the largest contributor being a decrease in the number of people unemployed for 27 or more weeks. Positive contributions were made by 14 variables, while 9 were negative and 1 was neutral.
The momentum indicator's largest contributor was initial jobless claims. Positive contributions were made by 16 variables, while 8 were negative.
