According to data released by The Conference Board, the Employment Trends Index (ETI) for the United States in April 2024 fell from 112.16 in March to 111.25, indicating a possible further slowdown in the country's job growth.

ETI is a monthly indicator used to measure the health of the US labor market. It is based on surveys of US businesses and covers nine sub-indicators, including the rate of unplanned layoffs, the rate of temporary hiring, the voluntary quit rate, job vacancy rate, capacity utilization, average weekly hours worked, average hourly overtime pay, and the manufacturing sector's new orders index. Typically, when this index rises, it indicates that employment will grow, and vice versa.

Although the April Employment Trends Index remains above pre-pandemic levels, suggesting that large-scale job losses are unlikely, the downward trend may imply a slowdown in job growth. Economist Will Baltrus noted that despite the addition of 175,000 jobs, marking the 39th consecutive month of growth, the rate of increase has narrowed compared to previous months, indicating that the labor market may be cooling off.

Currently, although labor shortages persist, keeping the unemployment rate low, many companies are engaging in "labor hoarding," meaning they are neither hiring new employees nor laying off existing ones. High interest rates and wage stickiness are increasing operating costs for many companies, which could affect employers' future hiring decisions. A slowdown in consumer demand may be a major driver of future slowdowns in job growth and increases in the unemployment rate.