The Conference Board’s employment trends index fell to 99.7 in May from a downwardly revised 100.1 in April, but it is up 5.3% from a year ago, the group announced Monday.

“Declines as we’ve seen in the employment trends index in the last two months are usually associated with a slowdown in job growth,” said Gad Levanon, associate director of macroeconomic research at the board. “We expect moderate job growth to continue, but it is becoming clear that employers are reacting to the growing uncertainty in the U.S. economy by slowing down hiring.”

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