Labor market conditions "declined modestly and momentum remained high in December," as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) fell to 0.23 in December from a revised 0.28 in November, first reported as 0.25, according to the Bank.
The momentum indicator grew to 1.19 from an upwardly revised 1.17 in November, first reported as 1.10.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.17 in the past half year, with the largest contributor coming from an increase in the percent of firms planning to increase employment (NFIB). Positive contributions were made by 15 variables while 6 were negative and three were flat.
The momentum indicator's largest contributor was expected job availability (University of Michigan). Positive contributions were made by 17 variables, while 7 were negative.