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"Employment growth has been slow lately, and the Employment Trends Index suggests that it may slow even further this fall," said Gad Levanon, associate director, macroeconomic research at The Conference Board. "However, we still expect job growth rather than an outright decline in the next several months."
The decline in the Employment Trends Index was driven by negative contributions from seven out of the eight components. The weakening indicators included Percentage of Respondents Who Say They Find "Jobs Hard to Get", Initial Claims for Unemployment Insurance, Percentage of Firms With Positions Not Able to Fill Right Now, Part-Time Workers for Economic Reasons, Job Openings, Industrial Production and Real Manufacturing and Trade Sales. It is the first time since March 2009 that seven components contributed negatively to the overall index.
The Employment Trends Index 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.