The Conference Board today reported its Employment Trends Index rose in May compared to April, but is still down significantly year over year. Job gains in May recouped just 11% of jobs lost in March and April. Going forward, it’s unclear how much consumers will increase spending and how much employers will increase hiring. Layoffs are also expected to continue, according to the organization.
“By the end of 2020, the employment level in the US may still be 10 million below where it stood in February — a difficult time for the class of 2020 to enter the labor market,” said Gad Levanon, head of The Conference Board Labor Markets Institute.
The Employment Trends Index reading for May is 46.28, up from 42.53 in April. Still, it’s down 57.9% from a year ago.