NEW YORK, Aug. 8 (UPI) — Weak employment growth is expected through 2011, the Conference Board said, citing the Employment Trends Index’s slide in recent months.
The Conference Board Employment Trends Index fell slightly in July to 100.6, down from June’s revised figure of 100.9, the board said Monday in a release. The July figure is up 4 percent from a year ago.
“The Employment Trends Index declined in three of the past four months, and is signaling employment growth of less than 100,000 per month through the end of 2011,” said Gad Levanon, associate director of macroeconomic research at the Conference Board. “Despite weak employment growth in recent months, GDP has been growing even slower in the first half of 2011. There is simply not enough growth in production to warrant stronger hiring.”
The Employment Trends Index aggregates eight labor-market indicators, including a percentage of Conference Board survey respondents who said jobs are hard to get, initial unemployment insurance claims, job openings, number of workers hired by a temp agency and the percentage of firms with positions they can’t fill.
The Conference Board, an independent business membership and research association based in New York, publishes its Employment Trends Index on the Monday that follows the Friday release of the Bureau of Labor Statistics employment report.