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Employment Trends Index increased in October to 97.57
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The Conference Board Employment Trends Index™ (ETI) increased in October, the sixth consecutive monthly increase since May. The index now stands at 97.57, up from 96.33 (revised) in September. However, the index is still down 11.1 percent from a year ago.
“While the Employment Trends Index increased in October, this month marks the smallest increase in the index since May,” said Gad Levanon, Head of The Conference Board Labor Markets Institute. “Strong employment gains in recent months brought the unemployment rate to 6.9 percent. But the number of new COVID-19 cases is rising and the pandemic’s relentlessness may potentially lead to governments enacting additional restrictions on mobility and slower consumer spending. As a result, The Conference Board expects job growth to slow in the coming months, leading to a slower decline in the unemployment rate.”
October’s increase was driven by positive contributions from six of the eight components. From the largest positive contributor to the smallest, the components were: the Number of Employees Hired by the Temporary-Help Industry; Initial Claims for Unemployment Insurance; Real Manufacturing and Trade Sales; Industrial Production; the Percentage of Respondents Who Say They Find “Jobs Hard to Get”; and Job Openings.
Posted: November 9, 2020 Monday 10:00 AM