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Dow Jones NewsMay 5, 2:26 PM UTC
U.S. Hiring Slows on Tariff Concerns -- Conference Board
By Joshua Kirby
Hiring in the U.S. slowed to its lowest level in a half year amid rising economic uncertainty, according to a monthly index.
The Conference Board's Employment Trends Index, or ETI, fell to 107.57 in April from a downwardly revised 108.41 in March, the research group said Monday.
When the ETI index increases, employment is likely to increase as well, while turning points in the index suggest a change in the number of jobs is likely to occur in the short term.
The fall takes the index to its lowest since October, said Mitchell Barnes, an economist at The Conference Board.
"While labor market indicators for the private sector largely remained stable in April, consumers and businesses are beginning to anticipate the impact of tariffs and import declines that could materialize over the next month," Barnes said.
It is the first release of the index since President Trump at the start of April unveiled a sweeping package of import tariffs, though he later paused the bulk of them for trading partners except China. Economists warn that high tariffs could both drive up consumer prices and weigh on economic growth and jobs, though most government data so far suggest the American labor market remains robust. Still, GDP unexpectedly contracted in the first quarter amid anticipation of the new tariffs, figures last week showed.
"April's ETI is likely the last result we see before tariff disruptions begin to hit supply chains," Barnes said.
A tougher line on migration could meanwhile tighten labor supply, he said.
"It is almost certain that the labor market's streak of resiliency will be tested in the months ahead," Barnes said.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
May 05, 2025 10:26 ET (14:26 GMT)
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