NEW YORK – The Conference Board’s Employment Trends Index (ETI) rose to 99.0 in November from a downwardly revised 97.6 in October, originally reported as 98.1, and is up 9.3% from a year ago, the group announced Monday.
"The disappointing employment numbers released last Friday are at odds with most of the leading indicators included in the Employment Trends Index," said Gad Levanon, Associate Director, Macroeconomic Research at The Conference Board. "While we are not expecting economic activity or employment to grow rapidly anytime soon, we do expect employment to continue to moderately increase, following the trend of recent months."
November’s increase in the ETI, was driven by positive contributions from seven out of the eight components. The improving indicators included Initial Claims for Unemployment Insurance, Percentage of Firms With Positions Not Able to Fill Right Now, Number of Temporary Employees, Part-Time Workers for Economic Reasons, Job Openings, Industrial Production and Real Manufacturing and Trade Sales.
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).
