NEW YORK, Oct. 23, 2013 /PRNewswire/ -- The Conference Board Employment Trends Index™ (ETI) increased in September. The index now stands at 114.78, up from 113.98 (an upward revision) in August. The ETI figure for September is 6.3 percent higher than a year ago.
"The Employment Trends Index accelerated in August and September, with improvements across all eight components during these two months," said Gad Levanon, Director of Macroeconomic Research at The Conference Board. "In contrast to the gloomy headlines from Tuesday's jobs report, the ETI signals upward momentum in labor market conditions in the months ahead."
September's improvement in the ETI was driven by positive contributions from seven of its eight components. The increasing indicators — from the largest positive contributor to the smallest — were Initial Claims for Unemployment Insurance, Number of Temporary Employees, Percentage of Firms With Positions Not Able to Fill Right Now, Industrial Production, Consumer Confidence Survey® Percentage of Respondents Who Say They Find "Jobs Hard to Get," Real Manufacturing and Trade Sales, and Job Openings.
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)
- Ratio of Involuntarily Part-time to All Part-time Workers (BLS)
- Job Openings (BLS)**
- Industrial Production (Federal Reserve Board)*
- Real Manufacturing and Trade Sales (U.S. Bureau of Economic Analysis)**
The Conference Board publishes the Employment Trends Index monthly, at 10 a.m. ET on the Monday that follows each Friday release of the Bureau of Labor Statistics Employment Situation report. The technical notes to this series are available on The Conference Board website: http://www.conference-board.org/data/eti.cfm.
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*Statistical imputation for the recent month
**Statistical imputation for two most recent months
Note: Due to the government shutdown, data for the month of September is being released on Wednesday, October 23rd.
SOURCE The Conference Board