WebsiteGear Logo Log In
New User? Sign Up
About | Contact | FAQ
  Home News Technology Software Products Sunday, December 3, 2023 
Add Press Release News | News Feeds Feeds | Email This News Email

The Conference Board Employment Trends Index(TM) (ETI) Increased in January
Tuesday, February 14, 2023

Job Growth Expected to Continue in the Coming Months

NEW YORK, Feb. 6, 2023 /PRNewswire/ -- The Conference Board Employment Trends Index(TM) (ETI) rose in January to 118.74, up from an upwardly revised 117.06 in December 2022. The Employment Trends Index is a leading composite index for employment. When the index increases, employment is likely to grow as well, and vice versa. Turning points in the index indicate that a turning point in the number of jobs is about to occur in the coming months.

"The ETI rose for the second consecutive month in January, a reversal of a short-lived declining trend in 2022," said Selcuk Eren, Senior Economist at The Conference Board. "Despite rapid interest rate hikes--which were expected to reduce labor demand--we haven't seen widespread layoffs. Indeed, hiring was outsized and broadly based in the January employment report. Robust hiring continues to keep the ETI at a very high level and the economy is still experiencing significant job gains in industries where labor shortages have been most acute."

Eren added: "Labor shortages will continue to be the theme going forward. We have seen job gains in industries--including leisure and hospitality and government--where employment is still below prepandemic levels. Likewise, job openings and voluntary quits are below their historic highs but still above prepandemic levels. The number of employees working in temporary help services--a component of the ETI and an important leading indicator for hiring--increased in January after falling for two consecutive months. This is revised from an originally reported five-month decline. Thus far, job losses seem to be limited to the information sector, which include most tech companies. One sign of rebalancing in the labor market may be slower wage growth. Hourly wage growth--which stands at 4.4 percent year-over-year in January--remains above prepandemic levels, but is on a declining trend after reaching 5.9 percent last year. For the rest of 2023, we anticipate the Federal Reserve will continue increasing interest rates in order to reduce labor market tightness and bring wage growth and inflation under control."

January's increase in the Employment Trends Index was driven by positive contributions from seven of eight components: Initial Claims for Unemployment, Real Manufacturing and Trade Sales, Percentage of Firms With Positions Not Able to Fill Right Now, Percentage of Respondents Who Say They Find "Jobs Hard to Get", Industrial Production, Number of Employees Hired by the Temporary-Help Industry, and Job Openings.

The Employment Trends Index aggregates eight leading indicators of employment, each of which has proven accurate in its own area. Aggregating individual indicators into a composite index filters out "noise" to show underlying trends more clearly.

NOTE: This month's release includes historical revisions to the ETI dating back to 2017. As a result, the index levels and month-on-month changes are not directly comparable to previous releases. However, the cyclical properties (e.g., turning points and trends) of the indexes are generally unchanged.

The eight leading indicators of employment aggregated into the Employment Trends Index include:

    --  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)
    --  Ratio of Involuntarily Part-time to All Part-time Workers (BLS)
    --  Job Openings (BLS)*
    --  Industrial Production (Federal Reserve Board)*
    --  Real Manufacturing and Trade Sales (U.S. Bureau of Economic Analysis)**

*Statistical imputation for the recent month
**Statistical imputation for two most recent months

The Conference Board publishes the Employment Trends Index monthly, at 10 a.m. ET, on the Monday that follows each Friday release of the Bureau of Labor Statistics Employment Situation report. The technical notes to this series are available on The Conference Board website:

About The Conference Board

The Conference Board is the member-driven think tank that delivers trusted insights for what's ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States.

              Employment Trends Index (ETI)(TM) 2023 Publication Schedule

              Index Release Date (10 AM ET)                                            Data for the Month

      Monday, January 9 2023                                                  December 2022

      Monday, February 6                                                      January 2023

      Monday, March 13                                                      

      Monday, April 10                                                      

      Monday, May 8                                                         

      Monday, June 5                                                        

      Monday, July 10                                                       

      Monday, August 7                                                      

      Tuesday, September 5*                                                 

      Monday, October 9                                                     

      Monday, November 6                                                    

      Monday, December 11                                                   

     * Tuesday release due to holiday

        (C) The Conference Board 
              . All data contained in this table are protected by United States and international copyright laws. The data displayed are provided for informational purposes only and may only be accessed, reviewed, and/or used in accordance with, and the permission of, The Conference Board consistent with a subscriber or license agreement and the Terms of Use displayed on our website at The data and analysis contained herein may not be used, redistributed, published, or posted by any means without express written permission from The
         Conference Board.


        All material on Our Sites are protected by United States and international copyright laws. You must abide by all copyright notices and restrictions contained in Our Sites. You may not reproduce, distribute (in any form including over any local area or other network or service), display, perform, create derivative works of, sell, license, extract for use in a database, or otherwise use any materials (including computer programs and other code) on Our Sites 
              Site Material
               except that you may download Site Material in the form of one machine readable copy
         that you will use only for personal, noncommercial purposes, and only if you do not alter Site Material or remove any trademark, copyright or other notice displayed on the Site Material. If you are a subscriber to any of the services offered on Our Sites, you may be permitted to use Site Material, according to the terms of your subscription agreement.


              and any other logos, indicia and trademarks featured on Our Sites are trademarks owned by The Conference Board, Inc. 
              in the United States and other countries ("Our Trademarks"). 
              You may not use Our Trademarks in connection with any product or service that does not belong to us nor in any manner that is likely to cause confusion among users about whether 
              we are
               the source, sponsor, or endorser of the product or
         service, nor in any manner that disparages or discredits us.

                Violators of these rights will be prosecuted to the full extent of the law. Nothing herein shall restrict the use of the information by news journalists using the information in a legitimate news publication or periodical.


View original content to download multimedia:

SOURCE The Conference Board

Email This News Email | Submit To Slashdot Slashdot | Submit To Digg | Submit To | News Feeds Feeds

Nav This Week in Tech News: 10 Stories You Need to See | Dec 3, 2023
Nav This Week in Transportation News: 11 Stories You Need to See | Dec 3, 2023
Nav This Week in Environment News: 10 Stories You Need to See | Dec 3, 2023
Nav This Week in People & Culture News: 11 Stories You Need to See | Dec 3, 2023
Nav The Week in Press Releases: 12 Stories You Need to See | Dec 3, 2023
Nav This Week in Sports News: 11 Stories You Need to See | Dec 3, 2023
Nav This Week in Health News: 10 Stories You Need to See | Dec 3, 2023
Nav Stelo Enables Mirroring and Streaming Data Replication into Google Big Query and Databricks from Db2, Oracle and SQL Server in Latest Release | Dec 3, 2023
Nav This Week in Policy & Public Interest News: 11 Stories You Need to See | Dec 3, 2023
Nav WiMi Developed An Image Classification System Based on Deep Learning and Machine Learning | Dec 3, 2023

Submit News | View More News View More News