The Kansas City Fed Labor Market Conditions Indicators (LMCI) suggest the level of activity increased slightly and momentum decelerated moderately in April. The level of activity increased by 0.06, from 1.01 to 1.07, in April. The momentum indicator decreased by 0.11 from -0.06 to –0.17 and has been negative for six consecutive months.
These readings likely do not fully describe the state of the labor market at the end of April, as many of the input data series reflect conditions early in the month. For example, data from the Bureau of Labor Statistics’ Household Survey are from the reference period of April 9 through April 15. Additionally, the most recent data from the Job Openings and Labor Turnover Survey (JOLTS) are for March. Therefore, labor market developments in the latter half of April will likely show up in the May 2023 LMCI readings.