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Conference Board’s ETI rebounds in July, flags modest payroll growth

The ETI remains only 0.6% above its level a year ago, pointing to modest hiring ahead despite a July uptick.

Reported · Written up by our desk · Major Pairs

The Conference Board’s Employment Trends Index, a composite gauge of labor market data, rebounded in July after declining in May and June, according to Forexlive. Forexlive reports that Economic Data Scientist Associate Conrad Qi said the July rebound suggests continued labor market resilience even amid a backdrop described as “low-hire, low-fire.”

At the same time, the index is still only 0.6% above its level from one year ago, which Forexlive notes can imply payroll growth may stay modest in the months ahead. Forexlive also cited special factors behind hiring volatility this year, including seasonal cuts for education workers and the normalization of leisure and hospitality hiring after the FIFA World Cup, which reportedly lowered non-farm payrolls by 23,000 in July.

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