Labor market “activity remained essentially unchanged, while momentum declined but remained high” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) narrowed to negative 0.100 in September from negative 0.105 in August, according to the Bank.
The momentum indicator fell to 0.67 from 1.02 in August.
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 coming from the percent of firms with positions not able to fill right now. Positive contributions were made by 14 variables, while 10 were negative.
The momentum indicator’s largest contributor was initial jobless claims. Positive contributions were made by 18 variables, while 6 were negative.
