Labor index rises
A monthly index tracking labor trends has edged up as it continues to forecast moderate job growth in coming months.
The Conference Board reported that its Employment Trends Index edged up nearly a tenth of a point to 111.68 in April. The index has advanced 3.8 percent from a year ago.
Gad Levanon, an economist with the Conference Board, said employment has grown almost as fast as gross domestic product over the past three years, a trend that’s likely to continue into the third quarter of 2013. “As a result, the average labor productivity of American workers will struggle to improve until GDP growth accelerates,” he said.
The Conference Board, a business research and membership group, aggregates eight labor market indicators in the index. For April, five indicators advanced.