The Conference Board's Employment Trends Index (ETI) climbed to 129.11 in June from a downwardly revised 128.47 in May, and is up 4.8% from a year ago, the group announced Monday.
The May number was originally reported as 128.60.
" The growth in the Employment Trends Index accelerated in Q2, suggesting strong job growth through the summer," said Gad Levanon, Managing Director of Macroeconomic and Labor Market Research at The Conference Board. " The growth in the Employment Trends Index accelerated in Q2, suggesting strong job growth through the summer."
The rise in ETI was driven by positive contributions from seven of its eight components.
The increasing indicators - from the largest contributor to the smallest - were ratio of involuntarily part-time to all part-time workers, consumer confidence "jobs hard to get," industrial production, real manufacturing and trade sales, number of employees hired by the temporary-help industry, job openings, and initial claims for unemployment insurance, according to the Conference Board.
The ETI aggregates eight labor-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.
The eight labor-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); and Real Manufacturing and Trade Sales (U.S. Bureau of Economic Analysis).
