Labor market conditions continued to improve as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) narrowed to negative 0.262 in March from negative 0.330 in February, according to the Bank.
The momentum indicator dropped to 0.918, from 1.121 in February.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.27 in the past half year, with the largest contributor the increase in growth of average hourly earnings. Positive contributions were made by 19 variables, while 4 were negative and one was neutral.
The momentum indicator's largest contributor was expected job availability from the University of Michigan survey. Positive contributions were made by 16 variables, while 8 were negative.
