The Kansas City Fed Labor Market Conditions Indicators (LMCI) suggest the level of activity declined and momentum remained high in June. The level of activity indicator declined in June from 0.91 to 0.77, while the momentum indicator accelerated from 1.18 to 1.44.
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 June 2018. The activity indicator increased 0.28 over the last six months. The largest contribution came from an increase in job leavers. Nineteen variables made a positive contribution, one variable made no contribution, and four variables made a negative contribution. The momentum indicator was 1.44 in June, where the largest contributor to momentum was initial claims. Seventeen variables made a positive contribution, and seven variables made a negative contribution.