February’s growth in the ETI was driven by positive contributions from seven of the eight components. The improving indicators – beginning with the largest positive contributor – were Percentage of Respondents Who Say They Find “Jobs Hard to Get”, Number of Employees Hired by the Temporary-Help Industry, Initial Claims for Unemployment Insurance, Industrial Production*, Real Manufacturing and Trade Sale**, Part-Time Workers for Economic Reasons, and Job Openings**. The only negative contributor this month was Percentage of Firms With Positions Not Able to Fill Right Now.
The Employment Trends Index aggregates eight labor-market indicators, each of which has proven accurate in its own area. Aggregating individual indicators into a composite index filters out “noise” to show underlying trends more clearly.
The eight labor-market indicators aggregated into the Employment Trends Index include:
- Percentage of Respondents Who Say They Find “Jobs Hard to Get” (The Conference Board Consumer Confidence Survey®)
- Initial Claims for Unemployment Insurance (U.S. Department of Labor)
- Percentage of Firms With Positions Not Able to Fill Right Now (© National Federation of Independent Business Research Foundation)
- Number of Employees Hired by the Temporary-Help Industry (U.S. Bureau of Labor Statistics)
- Part-Time Workers for Economic Reasons (BLS)
- Job Openings (BLS)
- Industrial Production (Federal Reserve Board)
- Real Manufacturing and Trade Sales (U.S. Bureau of Economic Analysis)