Labor market conditions "continue to improve" as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) narrowed to negative 0.184 in May from negative 0.258 in April, according to the Bank.
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The momentum indicator climbed to 0.99 from 0.86 in April.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.28 in the past half year, with the largest contributor being an increase in average hourly earnings. Positive contributions were made by 19 variables, while 3 were negative and 2 were neutral.
The momentum indicator's largest contributor was initial jobless claims. Positive contributions were made by 19 variables, while 5 were negative.
