Home Economy New jobs indexes show labor market still in solid shape

New jobs indexes show labor market still in solid shape

2 min read
0
0
63


         New jobs indexes show labor market still in solid shape

A pair of labor-market indicators released Monday portray a labor market that’s still in pretty good shape, even after a report from the government showed about 50,000 fewer jobs created than forecast.

The Conference Board’s employment trends index rose 0.7% in May, and 6.4% from a year ago. The index aggregates eight labor-market indicators in an effort to show underlying trends more clearly.

Seven of those eight components rose in May, the Conference Board said.

“Employment will likely grow fast enough to continue tightening the labor market,” said Gad Levanon, chief economist, North America for the Conference Board.

Meanwhile, the employment index in the Institute for Supply Management services index shot up 6.4 points to 57.8%, well above the 50% mark indicating growth and the strongest reading in close to two years. Fifteen industries reported increased employment, and just one industry reported decreased employment.

What the ISM services employment index jump may represent is a reversion to solid growth after two previous readings in the 51% range.

The Labor Department on Friday reported that growth in the services sector slowed to 131,000 from 154,000 in April, but that followed a weak 42,000 in March.

Overall U.S. jobs growth slowed to 138,000 from 174,000 in April.

Also see: The surprising threat to the American economy

More Coverage

  • Oil prices move lower after Middle East countries cut ties with Qatar
  • Here’s one way to turn 401(k) assets into dependable retirement income
  • This trend points to more stock gains even as everything around us hits the fan
Load More Related Articles
Load More By Vanessa Hill
Load More In Economy

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

GDP grows at stronger-than-forecast 3% rate in third quarter

The numbers: The U.S. grew at a solid 3% annual pace in third quarter despite damage from …