The Conference Board Employment Trends Index increased +0.19 pts MoM to 105.37 in February, continuing a modest upward trend in a leading indicator of payroll employment.

• The Employment Trends Index rose to 105.37 in February from an upwardly revised 105.18 in January (+0.19 pts MoM), indicating a small improvement in the composite measure used to signal the direction of payroll employment.

• The share of involuntary part-time workers declined to 16.2% in February from 19.4% in December, representing the largest positive contribution to the index for a second consecutive month.

• The share of small firms reporting positions they are unable to fill improved to 33% after reaching a post-pandemic low of 31% in January, contributing positively to the ETI.

• Six of the eight ETI components contributed negatively in February, reversing the pattern seen in January when seven components made positive contributions.

• The share of consumers reporting that jobs are “hard to get” rose to 20.6% in February, the highest level since early 2021, indicating weaker perceptions of job availability.

• Initial unemployment insurance claims increased in February after declining steadily since September, while employment in temporary help services fell following gains in two of the prior three months.

• Industrial production and real manufacturing and trade sales both declined during the month, contributing negatively to the index and highlighting mixed signals among the ETI components.