Survey Cites Modest Job-Growth Rebound
The monthly Employment Trends Index from The Conference Board edged up slightly in July after declining the previous month. The announcement comes on the heels of Friday’s report from the federal government that the nation gained a better-than-expected 163,000 jobs last month.
The Conference Board’s index rose to 108.11 last month, 5.9-percent higher than it was in July 2011. The index is up from 107.69 in June, or less than half of 1 percent.
Nonetheless, the nonprofit, nonpartisan research group said the data suggest that slow employment growth will likely be the norm over the next several months.
“There is no reason to expect employers to rapidly expand their workforce in the current economic environment, and the July pace of job growth (163,000) is unlikely to be sustained,” said Gad Levanon, director of macroeconomic research at The Conference Board.
The July increase in the index was driven by positive contributions from five of the eight components The Conference Board measures. The improving indicators were initial claims for unemployment insurance, industrial production, number of temporary employees, real manufacturing and trade sales and percentage of respondents who say they find “jobs hard to get.”
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