The U.S. Employment Trends Index rose to 108.53 in August from an upwardly revised 107.76 in July, according to the Conference Board’s latest release.
The composite leading indicator increased for a second consecutive month and stood 2.0% above its year-earlier level. The Conference Board said the recent pattern was consistent with continued employment growth following a reported 162,000 increase in nonfarm payrolls during August.
U.S. Employment Trends Index Shows Mixed Labor Signals
Two of the strongest positive contributions came from lower underemployment and improved views of job availability. The ratio of involuntary part-time workers to all part-time workers fell to 16.2% from 17.4%, while the share of surveyed consumers saying jobs were hard to get declined to 19.5% from a revised 21.7%.
Temporary-help employment increased by 6,800. Estimated gains in industrial production and real manufacturing and trade sales also supported the index.
Initial unemployment claims made the largest negative contribution. The share of small firms with unfilled positions slipped to 35% from 36%, and job openings were estimated to have decreased by 26,000 to 7.24 million.
The U.S. Employment Trends Index combines eight labor-market indicators and is not an official government employment report. It is designed to signal changes in employment trends rather than predict a precise monthly payroll figure.
