The Conference Board Employment Trends Index in the United States has declined, indicating that tariff pressures are affecting the labor market.

The U.S. Conference Board’s Employment Trends Index (ETI) further declined in May, falling from 108.00 to 107.49. “Compared to early 2025, the ETI continues to slow down in May. However, despite a generally cautious attitude towards tariffs, the ETI is still above the average level of 2017-19, indicating that the labor market remains on a solid foundation overall.” The Conference Board noted that the gap between hard data and soft data continues to exist, “Although uncertainty may dampen business and consumer confidence, May’s employment data indicates that hiring continues to keep the labor market roughly balanced. However, we are beginning to see some industries eroded, which may suggest that the pressures from changes in tariffs are starting to manifest.”