The Conference Board Employment Trends Index (ETI) declined slightly in November, following an increase in October. The index stands at 110.41, down from 110.73 in October.

The ETI has gained 4.4 percent compared to the year-ago period, however, according to the group’s most recent report.

The decline reveals some moderation in employment growth after the index hit its highest point so far this year in August. But it’s far from a gloom and doom scenario, says the group’s Chief Economist for North America, Gad Levanon.

“The gloom and doom views infecting the financial markets are an exaggeration. However, slower economic activity, tighter labor markets and higher labor costs are likely to lead to weaker job growth in 2019,” Levanon said in a statement announcing the monthly data. “Jobs should continue to grow, causing faster wage growth which may in turn increase inflation pressure, and ultimately result in a moderation in employment growth by the end of 2019. As a result, we expect the Federal Reserve to raise rates this month and possibly three more times in 2019.”