Labor market "conditions continue to improve" as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) narrowed to negative 0.056 in October from negative 0.112 in September, according to the Bank.
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The momentum indicator grew to 0.73 from 0.68 in September.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.19 in the past half year, with the largest contributor coming from average hourly earnings. Positive contributions were made by 15 variables, while 6 were negative.
The momentum indicator's largest contributor was initial jobless claims. Positive contributions were made by 17 variables, while 7 were negative.
