The Federal Reserve's Labor Market Conditions Index (LMCI) rose 4 points last month, the central bank reported, matching September's revised improvement. The Fed originally reported a 2.5-point pickup in the index for September.
The index covers 19 separate indicators, including the national unemployment rate, average hourly earnings, and the transition rate from unemployment to employment.
The Fed's release follows the latest employment situation report from the Bureau of Labor Statistics, which put the U.S. unemployment rate at 5.8 percent in October as employers added 214,000 jobs. The news was mixed overall, however, as wages continued to stagnate.
With the latest measure, the LMCI continued its now 28-month growth streak, though increases in the last few months have been modest compared to spring. The index's growth topped out this year in April, when the Fed reported a gain of 7.1 points.
The Fed does not report on the index's overall value.