The Kansas City Fed Labor Market Conditions Indicators (LMCI) suggest the level of activity declined and momentum was little changed in April. The level of activity indicator decreased by 0.11 in April from 1.40 to 1.29 but remained at a historically high level. The largest contributor to this decline was job flows from unemployment to employment as a percentage of the unemployed, which declined in April but remained above its historical average. Meanwhile, the momentum indicator was little changed in April at 0.81. Both indicators remained above their longer-run averages in April.
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 10 through April 16. 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 2022 LMCI readings.