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Employment trend increases in July

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Employment trend increases in July

But a closely watch employment index has been slowing down in the past 3-6 months.

Most news on the employment front in the US has been fairly strong over recent months.  However, new data from membership consultancy The Conference Group indicates that, while the trend remains positive, job growth may be slowing down.

The Conference Board Employment Trends Index increased in July for a second consecutive month, rising a modest 0.2% from June. The change represented a 4.4% gain in the ETI compared to a year ago.

We may see somewhat slower job growth in the months ahead."

"The growth in the Employment Trends Index slowed down in the past 3-6 months, suggesting that we may see somewhat slower job growth in the months ahead," said Gad Levanon, Managing Director of Macroeconomic and Labor Market Research at The Conference Board. "Still, with almost no expansion of the labor force, a slowing of employment growth to 150,000-200,000 jobs a month would be enough to rapidly tighten the labor market."

July's increase in the ETI was driven by positive contributions from five of the eight components. In order from the largest positive contributor to the smallest, these were: Industrial Production, Initial Claims for Unemployment Insurance, Percentage of Firms with Positions Not Able to Fill Right Now, Real Manufacturing and Trade Sales, and Job Openings.

 

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