The Kansas City Fed Labor Market Conditions Indicators (LMCI) suggest the level of activity was little changed and momentum remained high in November. The level of activity indicator was little changed in November at 0.52, while the momentum indicator accelerated moderately from 1.50 to 1.65.
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 November 2017. The activity indicator in-creased 0.03 over the last six months. The largest contribution came from an increase in the percent of firms planning to increase employment (NFIB). Fifteen variables made a positive contribution, one variable made no contribution, and eight variables made a negative contribution. The momentum indicator was 1.65 in November, where the largest contributor to momentum was the manufacturing employment index (ISM). Nineteen variables made a positive contribution, and five variables made a negative contribution.