LMCI shows more signs of a pickup in the U.S. jobs environment

The Federal Reserve's Labor Market Conditions Index (LMCI) finally managed to crack the zero mark in May. The index rose 1.3 pts last month, after declining for two consecutive months. 

Note that April's 1.9 pt decline was revised up to a 0.5 pt slide. Remember that this is a Fed tool used to gauge changes in the job market and the latest results point to further improvement in hiring. 

"This, on its own, is likely not enough to push for a summer rate hike, but it still points to lift-off in September", notes BMO Capital Markets