- Prior month 111.25 (lowest level since October 2021) revised to 110.48
- Employment trends for May 2024 comes in at 111.44 versus 110.48 revised last month
Details:
May’s increase in the Employment Trends Index was driven by positive contributions from six of its eight components:
- Percentage of Respondents Who Say They Find “Jobs Hard to Get”
- Job Openings
- Percentage of Firms with Positions Not Able to Fill Right Now
- Ratio of Involuntarily Part-time to All Part-time Workers
- Industrial Production
- Real Manufacturing and Trade Sales
- The Employment Trends Index aggregates eight leading indicators of employment, each of which has proven accurate in its own area.
- Aggregating individual indicators into a composite index filters out “noise” to show underlying trends more clearly.
Will Baltrus, Associate Economist at The Conference Board said
“The ETI rose in May, another small oscillation that we have continued to observe since the ETI started the downward
trajectory its been on since a peak in March 2022. May’s uptick signals employment could increase in the second half of 2024, but the ETI’s longer-term downward
trajectory signals the high level of monthly increases in employment observed post-pandemic could slow down. That said,
the Index remains far above its prepandemic level, which suggests aggregate job losses are less likely than a deceleration
in hiring.”
This article was written by Greg Michalowski at www.forexlive.com.
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