The Kansas City Fed Labor Market Conditions Indicators (LMCI) suggest the level of activity declined, and momentum accelerated moderately in February. The level of activity decreased by 0.15, from 0.73 to 0.58, but remained above its historical average. The momentum indicator increased by 0.11, from -0.14 to -0.03. Momentum has been very close to its historical average for the last year and a half.

These readings likely do not fully describe the state of the labor market at the end of February, 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 February 11 through February 17. Additionally, the most recent data from the Job Openings and Labor Turnover Survey (JOLTS) are for January. Therefore, labor market developments in the latter half of February will likely show up in the March 2024 LMCI readings.

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