An index tracking labor trends has declined for two straight months.
The Conference Board reported that its Employment Trends Index slipped four-tenths to 99.7 in May. The index remains 5.3 percent higher than a year ago, though.
“We expect modest job growth to continue, but it’s becoming clear that employers are reacting to the growing uncertainty in the U.S. economy by slowing down hiring,” said Gad Levanon, an economist with the Conference Board.
For May, four of eight components of the ETI declined.