By Ovunc Kutlu
ISTANBUL (AA) - US employment trends index (ETI) declined in February after two consecutive months of increases, according to New York-based research group, The Conference Board, on Monday.
The index, a leading composite indicator for employment, fell 0.89 point to 112.29, from 113.18 in January.
"The ETI has been trending downward since hitting a peak in March 2022," said Will Baltrus, an associate economist at The Conference Board.
"While the Index is still elevated compared to its pre-pandemic level and the economy has continued to add jobs through February 2024, the labor market is likely to cool off, with modest job gains expected through Q3 and Q4 of 2024," he said.
Payroll gains in February were concentrated in health care and social assistance, leisure and hospitality, and government, which collectively accounted for 73% of jobs added, according to Baltrus.