Conference Board Sees Slowing Job Growth Ahead
The Conference Board Employment Trends Index declined slightly in May to 119.77, down from April’s upwardly revised 120.60. “The Employment Trends Index fell slightly in May, signaling slowing, but positive job growth in the months ahead,” said Agron Nicaj, associate economist at the Conference Board.
“The labor market may have less room for more growth with overall employment down only 0.5% compared to the pre-pandemic level,” he continued. “However, leisure and hospitality and in-person services industries have yet to fully recover job losses incurred since the pandemic. Employment growth is still expected in these industries as consumers continue to shift more spending away from goods and towards services.”
Nicaj added, “The labor market remains strong amid high inflation and the Federal Reserve is likely to continue its focus on stabilizing prices as a result. A strong response by the Fed risks higher unemployment rates by the end of 2022.”
- ◦Economy
