Job market will grow faster in coming months, predicts research groupAugust 8, 2013 | Posted at 11:52 am
Employment prospects in the U.S. continue to show strength after the release of hiring trend data from a private research group.
According to Bloomberg, the Employment Trends Index compiled by the Conference Board for July showed the largest gain since February, and the highest level since June 2008. The monthly index increased by 0.4 percent, showing a reading of 112.2, a 4.1 percent rise from one year ago.
The small signs of upward movement in short-term hiring trends studied by the New York-based research company come after the Bureau of Labor Statistics released its own figures for July, with the government agency also confirming that the job market was moving forward. According to the news source, the Conference Board aggregates eight different labor-centric indicators, with seven of the eight all showing improvements that contributed to the rise of the index.
“With economic activity remaining weak through the second quarter, solid employment growth continues to be a positive surprise,” said Gad Levanon, director of macroeconomic research at the Conference Board, in a statement released to the media outlet. “Jobs may grow faster in the coming quarters as the U.S. economy is likely to get stronger towards the end of 2014.”