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The Conference Board: Slow job growth ahead

The job fair lines continue. Employment growth has

The job fair lines continue. Employment growth has been slowing both locally and nationally, and that trend isn’t likely to reverse itself anytime soon, according to The Conference Board, which released its latest employment-trends index July 9, 2012. This line for jobs was in Miami. Credit: AP, 2011

Employment growth has been slowing both locally and nationally, and that trend isn’t likely to reverse itself anytime soon, according to The Conference Board, which released its latest employment-trends index Monday.

The June index, at 107.47, has remained flat since February and suggests slowing employment growth through the summer, the Manhattan-based business research group said.

“Since there is little hope of acceleration in the pace of economic activity any time soon, these weak labor market conditions are likely to persist for the coming months,” said Gad Levanon, the group’s director of macroeconomic research.

On Long Island, the employment market had just 9,100 more jobs in May than it did the year before. That followed April’s year-over-year increase of a mere 4,500 jobs.

Those numbers contrasted sharply with January, February and March, when the local economy averaged 19,100 more jobs, compared with a year earlier.

Nationwide the economy added just 80,000 jobs in June, considerably below analysts’ forecasts.
 

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