Due to tariffs, the U.S. Employment Trends Index has declined

The Conference Board's Employment Trends Index (ETI) for May slipped further, falling from 108.00 to 107.49. "ETI continued to slow in May compared to the start of 2025. But despite widespread caution about tariffs, ETI is currently above its 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 continues, "While uncertainty may weigh on business and consumer confidence, the May jobs data suggest that hiring continues to keep the labor market roughly in balance. However, we are starting to see erosion in some industries, which may indicate that pressure from tariff changes is emerging."