NEW YORK -- The Conference Board Employment Trends Index (ETI) fell sharply in February to 91, down 3.2 percent from January and down 21.7 percent from a year ago.
"Over the past year, the Employment Trends Index has declined faster than at any other time in its 35-year history, with the most severe decreases taking place since the Fall," said Gad Levanon, Senior Economist at The Conference Board. "As job losses persist, the drop in overall earnings makes a rebound in consumer spending unlikely for the next few months. The decline in unemployment will only moderate once companies anticipate some revival in domestic and global economic activity."
The ETI aggregates eight labor-market indicators, including:
- 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)
- Real Manufacturing and Trade Sales (U.S. Bureau of Economic Analysis)
For more information, visit www.conference-board.org/economics/employment.cfm