US employment trends for May 2024 have shown positive growth, with the Employment Trends Index coming in at 111.44 compared to the revised figure of 110.48 from the previous month. This increase was driven by positive contributions from various components including job openings, industrial production, and more.
The Employment Trends Index aggregates eight leading indicators of employment, providing a clear picture of the underlying trends in the job market. By combining individual indicators into a composite index, the noise is filtered out, allowing for a more accurate representation of the employment landscape.
Will Baltrus, an Associate Economist at The Conference Board, noted that the ETI rose in May, indicating a potential increase in employment in the latter half of 2024. However, the index’s longer-term downward trajectory suggests that while job losses may be less likely, there could be a deceleration in hiring post-pandemic.
Overall, the Employment Trends Index remains significantly above its pre-pandemic levels, indicating a positive outlook for the job market despite potential challenges ahead.
