Labor market conditions were "little changed and momentum remained high in July," as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) increased to 0.041 in July from a revised 0.027 in June, first reported as 0.015, according to the Bank.
The momentum indicator gained to 0.74 from 0.73 in June.
A zero reading indicates the indicator is at its historical average.
The activity indicator fell 0.008 in the past half year, with the largest contributor coming from a decline in the percent of firms with positions not able to fill right now (NFIB). Positive contributions were made by 13 variables while 9 were negative and two were flat.
The momentum indicator's largest contributor was initial jobless claims. Positive contributions were made by 16 variables, while 8 were negative.
