For investors and job seekers, there’s a bit of good news.
The Conference Board’s measure of U.S. jobs outlook announced that its Employment Trends Index (ETI) rose to 94.7 in April from a downwardly revised 93.9 in March, which was originally reported at 94.4. The key sign of strength for the labor market is the yearly calculation of the index, which is up 7.1 percent.
According to the private research group, the U.S. job market is picking up strength again in April for the eighth straight month, although at a more moderate rate. The overall signs appear to indicate that the momentum of economic activity will be gearing up in the coming months.
“Going forward, we do not expect job growth to accelerate much beyond this month’s rate, as the overall increase in economic activity is likely to moderate during the second half of 2010,” said Gad Levanon, Associate Director of Macroeconomic Research at The Conference Board.
On May 7, a government report from the U.S. Labor Department demonstrated the most robust figures in four years in April with employers adding 290,000 jobs. However, there was still a hike in unemployment with the rate climbing 9.9 percent.
In April, six of the index’s eight components were on the rise. The unemployment rate last month climbed from 9.7 percent in March, according to a Labor Department report on May 7. An increase in job openings, industrial production and the number of temporary workers were other indicators that attributed to April’s improvement in the ETI, the Conference Board said.