The Conference Board’s employment trends index ticked down to 112.29 in February from a downwardly revised 113.18 in January. Four of the eight indicators drove the downward reading in February, including respondents saying jobs were becoming harder to get. Temporary-help services, which offer an early indication on hiring in other industries, also lost jobs in February. Meanwhile, the U.S. unemployment rate rose in February to 3.9% from 3.7% in January, reflected in initial claims for unemployment insurance, which rose for the second consecutive month. “While the index is still elevated compared to its prepandemic level and the economy has continued to add jobs through February 2024, the labor market is likely to cool off, with modest job gains expected through 3Q and 4Q of 2024,” Will Baltrus, associate economist at The Conference Board, said.
