The Kansas City Fed Labor Market Conditions Indicators (LMCI) suggest the level of activity increased modestly in October, while momentum was little changed. The level of activity indicator increased by 0.09 in October from 1.01 to 1.10. Meanwhile, the momentum indicator was little changed in October at 0.72. Both indicators remained above their longer-run averages in October.

These readings likely do not fully describe the state of the labor market at the end of October, as many of the input data series reflect conditions early in the month. In particular, the series do not include the effects of the decline in COVID-19 cases or the expansion of COVID vaccine booster eligibility that occurred later in the month. For example, data from the Bureau of Labor Statistics’ Household Survey are from the reference period of October 10 through October 16. Additionally, the most recent data from the Job Openings and Labor Turnover Survey (JOLTS) are for September. Therefore, labor market developments in the latter half of October, including the labor market response to recent COVID-19 developments, will likely show up in the November 2021 LMCI readings.

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