Wednesday, September 8, 2010

Conference Board Employment Index Lower

The Conference Board said its August employment trends index fell to 96.7, down from July’s revised figure of 97.4, first reported as 97.0. The August index is up 9.4% from a year ago.

“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. Levanon,  a Keynesian at heart, continued, “However, we still expect job growth rather than an outright decline in the next several months.”

Seven out of the eight components had a negative impact last month. The negative indicators were: the percentage of consumers who say jobs are “hard to get”, jobless claims, the percentage of firms with positions they’re not able to fill right now, involuntary part-time employment, job openings, industrial production and real business sales.

The CB said it is the first time since March 2009 that seven components contributed negatively to the overall index.

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