Employment Trends Index down in June

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NEW YORK, July 9 (UPI) -- An index of eight labor-market indicators shows a drop in employment trends last month, the Conference Board said Monday.

The Employment Trends Index dipped to 107.47 in June, down from the revised figure of 108.23 in May. The June figure is 5.6 percent higher than a year ago.

"The Employment Trends Index has been flat since February, suggesting that slow employment growth is likely to continue through the summer," Gad Levanon, director of macroeconomic research at the Conference Board, said in a statement. "Since there is little hope of acceleration in the pace of economic activity any time soon, these weak labor market conditions are likely to persist for the coming months."

The Conference Board said the drop in the index was driven by negative contributions from four of the eight components, including the percentage of firms with positions they're not able to fill right now and initial claims for unemployment insurance.