The Conference Board reported on Monday its Employment Trends Index (ETI) declined to 109.51 in June from a downwardly revised 111.22 in May.
According to the report, June’s decline was fueled by negative contributions from three of the eight components - Percentage of Respondents Who Say They Find “Jobs Hard to Get,” Initial Claims for Unemployment Insurance, and Percentage of Firms With Positions Not Able to Fill Right Now.
Gad Levanon, Chief Economist, North America, at The Conference Board noted that he interpreted this month’s large decline in the ETI with caution. "With the U.S. economy slowing a little, but still projected to remain above its 2 percent long-term trend, we expect job growth to remain strong enough to continue tightening the labor market and draw more people off the sidelines,” he said.
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