Labor market conditions were "little changed and momentum remained high in August," as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) remained at 0.09 in August from a revised 0.09 in July, first reported as 0.041, according to the Bank.
The momentum indicator gained to 0.75 from a downwardly revised 0.70 in July, first reported as 0.74.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.054 in the past half year, with the largest contributor coming from an increase in job leavers as a percent of total employed. Positive contributions were made by 9 variables while 11 were negative and four were flat.
The momentum indicator's largest contributor was initial jobless claims. Positive contributions were made by 15 variables, while 9 were negative.
