The Conference Board on Monday reported its Employment Trends Index rose in June to a reading of 49.05 (up from 45.27 in May) after sharp declines in previous months. But not all is rosy; the resurgence of Covid-19 may once again eat into job numbers.
“The Employment Trends Index increased for the second consecutive month, but the virus’s recent proliferation threatens those gains and puts the US labor market’s future in an even more precarious position,” said Gad Levanon, head of The Conference Board Labor Markets Institute.
“In response to this resurgence, many governments have delayed or reversed their re-opening plans, which could lead to lower hiring,” Levanon said. “Given the possibility of less recruiting and the fact that layoff rates remain high, the upward trend in the number of jobs may not continue. The unemployment rate may plateau or even increase in the coming months.”