U.S. employment trends index dips slightly in April
New York, NY -- The Conference Board Employment Trends Index (ETI) saw a moderate decline in April 2009. The index ...
New York, NY — The Conference Board Employment Trends Index (ETI) saw a moderate decline in April 2009. The index now stands at 89.5, decreasing 0.7% from the March figure of 90.1, and down 22% from a year ago.
“The outlook for employment is much less negative than in prior months, but still it is not likely that employment growth will resume before the final quarter of the year,” said Gad Levanon, senior economist at The Conference Board. “In April, the Employment Trends Index recorded its smallest decline since June 2008, and three of its eight components actually showed an improvement.”
The EIT aggregates eight labour-market indicators, each of which has proven accurate in its own area. Aggregating individual indicators into a composite index filters out so-called ‘noise’ to show underlying trends more clearly. In April, three out of eight components of the ETI improved. The improving indicators were Initial Claims for Unemployment Insurance, Part-Time Workers for Economic Reasons and the percentage of respondents who say they find “Jobs Hard to Get.”
The eight labour-market indicators aggregated into the ETI include:
– Percentage of respondents who say they find “Jobs Hard to Get” (The Conference Board Consumer Confidence Survey)
– Initial Claims for Unemployment Insurance (U.S. Department of Labor)
– Percentage of Firms With Positions Not Able to Fill Right Now (National Federation of Independent Business Research Foundation)
– Number of Employees Hired by the Temporary-Help Industry (U.S. Bureau of Labor Statistics)
– Part-Time Workers for Economic Reasons (BLS)
– Job Openings (BLS)
– Industrial Production (Federal Reserve Board)
– Real Manufacturing and Trade Sales (U.S. Bureau of Economic Analysis)
The Conference Board publishes the ETI monthly. The technical notes to this series are available on The Conference Board website: www.conference-board.org/economics/employment.cfm.