“[L]abor market conditions continue to improve” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) narrowed to negative 0.12 in August from negative 0.23 in July, according to the Bank.
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The momentum indicator gained to 1.1 from 0.8 in July.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.2 in the past half year, with the largest contributor being an increase in average hourly earnings. Positive contributions were made by 15 variables, while 8 were negative and 1 was neutral.
The momentum indicator’s largest contributor was initial jobless claims. Positive contributions were made by 18 variables, while 6 were negative.
