The Kansas City Fed Labor Market Conditions Indicators (LMCI) suggest the level of activity was little changed and momentum remained high in January. The level of activity indicator was little changed at 0.25, while the momentum indicator increased modestly from 1.25 in December to 1.38 in January, its highest level since the series began.
The table shows the five labor market variables that made the largest contributions to the change in the activity indicator over the last six months and the five variables that made the largest positive contributions to the momentum indicator in January 2017. The activity indicator increased 0.15 over the last six months. The largest contribution came from an increase in the percent of firms planning to increase employment (NFIB). Eighteen variables made a positive contribution, and six variables made a negative contribution. The momentum indicator was 1.38 in January, where the largest contributor to momentum was expected job availability (University of Michigan). Seventeen variables made a positive contribution, and seven variables made a negative contribution.
Customize your view of the LMCI chart