The Conference Board Employment Trends Index fell to 105.80 in October and November (from a revised 106.24 in September), signaling modest softening in labor market momentum amid delayed data and elevated uncertainty.

• The ETI decline reflected consecutive negative contributions from involuntary part-time employment and temporary-help employment, both pointing to softer labor demand relative to earlier in the year.

• The share of involuntary part-time workers rose to 19.2% in November (from 16.8% in September), indicating a higher proportion of workers unable to secure full-time hours.

• Employment in the temporary-help industry declined further in October and November, extending a downtrend from its 2022 post-pandemic peak and weighing on the index.

• Initial unemployment insurance claims declined in October and November after reaching recent highs in September, providing a partial offset to other signs of labor market softening.

• JOLTS job openings held steady at 7.7 million in October following a +400k increase in September, suggesting stabilization in vacancy levels.

• The share of consumers reporting that “jobs are hard to get” edged down to 17.9% in November (from 18.2% in September), a small improvement in perceived job availability.

• The share of small firms reporting positions not able to be filled rose modestly to 33% in November (from 32%), remaining near post-pandemic lows and consistent with easing labor shortages.