Employment Trends Index sharply declines in February

New York City The Conference Board Employment Trends Index fell sharply in February. The index now stands at 91.0, decreasing 3.2% from the January revised figure of 94.0, and down 21.7% from a year ago.

“Over the past year, the Employment Trends Index has declined faster than at any other time in its 35-year history, with the most severe decreases taking place since the fall,” said Gad Levanon, senior economist at The Conference Board. “As job losses persist, the drop in overall earnings makes a rebound in consumer spending unlikely for the next few months. The decline in employment will only moderate once companies anticipate some revival in domestic and global economic activity.”

The 19-month-long decline in the Employment Trends Index is seen in all eight of its components, most notably over the past six months in temporary-help hires and part-time workers for economic reasons.