- Prior was 120.18 (revised to 120.60)
“The Employment Trends Index fell slightly in May, signaling slowing, but positive job growth in the months ahead. The labor market may have less room for more growth with overall employment down only 0.5 percent compared to the pre-pandemic level,” said Agron Nicaj, Associate Economist at The Conference Board. “However, leisure and hospitality and in-person services industries have yet to fully recover job losses incurred since the pandemic. Employment growth is still expected in these industries as consumers continue to shift more spending away from goods and towards services.”
This is an aggregate index of data already released and is not market moving but it’s a useful broad look at US employment.
May’s driven by negative contributions from four of eight components. From the largest negative contributor to the smallest, these were: the Percentage of Respondents Who Say They Find “Jobs Hard to Get”, Ratio of Involuntarily Part-time to All Part-time Workers, Real Manufacturing and Trade Sales, and Industrial Production.
US jobless claims were at 200K last week.
Tags: #employment #trends #prior