The Conference Board Employment Trends Index rose in the month of April, a trend that coincides perfectly with the Labor Department report from last Friday. The so-called ETI rose to 118.0 in April, up 5.5 points from a year earlier.
A key takeaway is that solid job growth is likely to continue. March's reading was upwardly revised to 117.77 as well. That means great annual growth, versus moderate sequential growth in employment trends.
April's continued gains were led by positive contributions in five of the eight components making up the ETI. The largest positive contributors (in descending order) came from the following:
- Percentage of Firms with Positions Not Able to Fill Right Now,
- Number of Temporary Employees,
- Industrial Production,
- Job Openings,
- and Initial Claims for Unemployment Insurance.
The Conference Board's Gad Levanon said:
April's increase in the Employment Trends Index, and continued improvement in recent months, is signaling solid job growth through the summer. Despite the disappointing GDP figure for the first quarter, job growth remains robust and when coupled with the massive retirement of baby boomers will result in a continued rapid decline in the unemployment rate.
Filed under: Economy