Labor market conditions “declined modestly, while momentum moderated,” as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) decreased to negative 0.02 in March from a revised positive 0.01 in February, first reported as negative 0.05, according to the Bank.
The momentum indicator slid to 0.49 from 0.62 in February.
A zero reading indicates the indicator is at its historical average.
The activity indicator rose 0.03 in the past half year, with the largest contributor coming from a pickup in the number of job leavers. Positive contributions were made by 14 variables, while 9 were negative, one was neutral.
The momentum indicator’s largest contributor was initial jobless claims. Positive contributions were made by 15 variables, while 9 were negative.
