US employment trends index falls in April

By Ovunc Kutlu

ISTANBUL (AA) - US employment trends index (ETI) fell in April, New York-based research group the Conference Board said Monday.

The index, a leading composite indicator for employment, fell 0.91 points to 111.25 last month.

The figure for March was slightly revised downward to 112.16 from 112.84.

"The ETI fell in April, a sign that employment growth could stall in the second half of 2024," said Will Baltrus, an associate economist at the board.

"The ETI has been on a downward trajectory since its peak in March 2022, and this month signals a continuation of that trend," he said.

The index, however, still remains above its pre-pandemic level, which suggests that aggregate job losses are less likely than a slowdown in employment growth, according to Baltrus.

Job growth in the US totaled 175,000 in April, much lower than expected, in figures released on Friday, fueling speculation that the Federal Reserve might cut interest rates sooner rather than later.