The Kansas City Fed said its labor-market activity indicator in July rose to its highest level since October 2008, as momentum was the strongest since May.The indexes, which are based on 24 labor-market variables, have taken on importance after Federal Reserve Chairwoman Janet Yellen  cited the Kansas City Fed research in her speech in Jackson Hole, Wyo. and said a good way to measure labor-market progress is to look at factor models like this one.

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Learn more about markets featured in this article: Kansas City, MO.