The Federal Reserve Bank of Kansas City’s regional manufacturing index registered at 3 in August, down from 9 in July and 6 in June. Despite the slowed growth, August marked the eighth consecutive month of manufacturing expansion in the region, and corporate expectations for future growth remain positive. The region includes the western third of Missouri and six other states.
The Kansas City Fed also came out with its new Labor Market Conditions Indicators report that relies on 24 labor market variables. It combines multiple measures of employment, unemployment and hiring. The report identifies the quits rate, job leavers and blue chip forecast for unemployment as the largest contributors to change during the past six months. Overall, 17 of the 24 variables made a positive contribution to the activity rate.