The Kansas City Fed Labor Market Condi-tions Indicators (LMCI) suggest the level of activity declined and momentum remained high in March. The level of activity indicator decreased in February from 0.98 to 0.86, while the momentum indicator accelerated from 0.71 to 1.09.
The table in the current release shows the five labor market variables that made the largest contributions to the increase in the activity indicator over the last six months and the five variables that made the largest positive contributions to the momentum indicator in March 2019. The activity indicator increased 0.002 over the last six months. The largest contributor to the increase in the level of activity was job flows from unemployment to employment. Fifteen variables made a positive contribution, one variable made no contribution, and eight variables made a negative contribution. The momentum indicator was 1.09 in March, where the largest contributor to momentum was initial claims. Eighteen variables made a positive contribution, and six variables made a negative contribution.