The Kansas City Fed Labor Market Conditions Indicators (LMCI) suggest both the level of activity and momentum continued to rebound in June from their historic lows in April. The level of activity indicator increased by 0.36 in June from −0.97 to −0.60, while the momentum indicator increased by 3.37 from −8.63 to −5.26. This is the largest one-month increase in the momentum indicator in the history of the series. The previous largest increase in the momentum indicator occurred last month, when momentum increased by 2.82.
These readings likely do not fully describe the state of the labor market at the end of June, 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 June 7 through June 13. Additionally, the most recent data from the Job Openings and Labor Turnover Survey (JOLTS) are for May. Therefore, labor market developments in the latter half of June will likely show up in the July 2020 LMCI readings.