Released on August 10, 2020

The Conference Board reported its Employment Trends Index rose in July following larger increases in May and June, indicating slowing momentum in the labor market, likely due to the diminishing impact of the economy’s reopening. The index remains down by 53.8% from the same time a year ago.

July’s deceleration is a preview of what is to come, said Gad Levanon, head of The Conference Board Labor Markets Institute.

“Over the next several months, job growth will significantly put on the brakes, likely causing the national unemployment rate to remain in double-digit territory,” Levanon said. “Less generous government stimulus will dampen consumer spending. In addition, more waves of downsizing and bankruptcies will spur widespread layoffs — and thus further constrain the expansion of the US workforce.”

July’s reading was 50.89, up from 49.46 in June and 45.21 in May.

Original author: Staffing Industry Analysts (SIA) | Daily News