The U.S. Employment Trend Index declined due to tariffs

On June 9, the Conference Board’s May Employment Trend Index (ETI) slipped further, falling to 107.49 from 108.00. “ETI continued to slow down in May compared to the beginning of 2025. But despite the general cautious approach to tariffs, the ETI is currently above the 2017-19 average, suggesting that the labor market remains on solid footing overall.” The Conference Board noted that the discrepancy between hard and soft data persists, “While uncertainty is likely to weigh on business and consumer confidence, the May employment data suggests that hiring continues to broadly balance the labour market. However, we are starting to see erosion in some sectors, which may indicate that the pressures from tariff changes are emerging.” ( gold ten )