The Kansas City Fed Labor Market Conditions Indicators (LMCI) suggest the level of activity and momentum were little changed in May. The level of activity edged up from 0.57 to 0.60, remaining above its historical average. Meanwhile, the momentum indicator edged down from 0.15 to 0.12, remaining near its historical average.

These readings likely do not fully describe the state of the labor market at the end of May, 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 May 12 through May 18. Additionally, the most recent data from the Job Openings and Labor Turnover Survey (JOLTS) are for April. Therefore, labor market developments in the latter half of May will likely show up in the June 2024 LMCI readings.

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