The Kansas City Fed Labor Market Conditions Indicators (LMCI) suggest the level of activity was essentially unchanged, and momentum decelerated moderately in June. The level of activity increased by only 0.0008 from May to June and remained at 0.60, above its historical average. Meanwhile, the momentum indicator decreased by 0.10, from 0.13 to 0.03, remaining near its historical average.
The first column of the table below shows the five labor market variables that made the largest contributions to the increase in the activity indicator this month. Overall, 11 variables made a positive contribution to the change in the activity indicator, six variables made no contribution, and seven variables made a negative contribution. The largest contributor to the increase in the level of activity was job losers as a percent of the unemployed. In June, 47.2 percent of unemployed workers had involuntarily left their previous jobs, down from 48.7 percent in May.