The Conference Board Employment Trends Index fell -0.51 pts to 107.49 in May, continuing its gradual decline from earlier in 2025 but remaining above pre-pandemic norms.

• Initial jobless claims rose to 235k, the highest since July 2024, contributing negatively to the index.
• The share of consumers reporting ‘jobs are hard to get’ increased to 18.6%, matching its 2024 high.
• Temporary-help employment fell by -20.2k in May and has declined in 4 of the first 5 months of 2025.
• The share of small firms reporting unfillable jobs held at 34%, the lowest since September.
• Despite the decline, the ETI remains above the 2017–2019 average, suggesting ongoing labor market resilience amid tariff uncertainty.