The Conference Board Employment Trends Index (ETI) fell to 106.69 in June from 106.90 in May (-0.21 pts MoM), marking a second consecutive decline and signaling slower payroll growth ahead.

• The ETI declined to 106.69 (May: 106.90; -0.21 pts MoM), indicating a continued softening in this leading indicator of employment after recent stability.
• The share of consumers reporting jobs are “hard to get” rose to 22.5%, the highest since January 2021, contributing negatively and pointing to worsening perceptions of job availability.
• Initial jobless claims increased to 222,000 in June, marking the second consecutive monthly rise and the highest monthly average of the year, signaling some softening in labor market conditions.
• Real manufacturing and trade sales also contributed negatively, indicating weaker momentum in broader economic activity feeding into the index.
• Positive contributions were led by the share of firms reporting positions they cannot fill, which rose to 32% (+3 ppts MoM), rebounding from a low May reading and indicating persistent hiring challenges.
• The share of involuntary part-time workers declined to 17.1% (-0.3 ppts MoM), contributing positively and suggesting some improvement in labor market quality.
• Temporary-help employment increased again, with a cumulative gain of +47,800 in H1 2026, while job openings remained elevated and contributed positively for the third straight month, indicating continued underlying labor demand.
• Overall, three of eight components contributed negatively while five contributed positively, reflecting a mixed composition but with headline weakness tied primarily to deteriorating consumer perceptions and rising jobless claims.