By Ovunc Kutlu
ISTANBUL (AA) - The US employment trends index (ETI) fell in July, New York-based research group the Conference Board said in a statement on Monday.
The index, a leading composite indicator for employment, last month fell 0.97 points to 109.61.
The figure for June was revised slightly downwards to 110.58.
"The ETI fell for the second consecutive month in July, continuing the downward trend observed since the index peaked in March 2022," Mitchell Barnes, economist at The Conference Board, said in the statement. "July’s decline in the ETI is consistent with the normalization that is occurring across labor market metrics, including the ongoing moderation of payroll gains."
"July’s Employment Report provided 2024’s softest data to date, as monthly payroll gains fell to 114,000," he added.
The economist noted that unemployment in the US rose to 4.3% in July, from 4.1% in June, its fourth consecutive monthly increase.
He added, however: "Temporary layoffs and labor market re-entrants drove a large share of the rise, indicating that the spike may not be as severe as the headline suggests."