The Conference Board's Employment Trends Index (ETI) inched up in March to 109.03, from 108.47 in February.
The ETI is an aggregate index of labor market indicators and is designed to show "underlying trends in employment conditions." An increase in the index suggests “employment is likely to grow as well, and vice versa.”
Conference Board Economist Mitchell Barnes noted that this latest ETI reading "preceded the April 2 tariff announcement," indicating the "US labor market remained healthy in March."
Barnes warned that -- "over the course of 2025" -- March's 4.2% unemployment rate could increase to "roughly 4.7%"
While the US labor market held steady in March, declining confidence among businesses and consumers suggests that the labor market may face increasing headwinds moving forward.”
Read more via The Conference Board
The number of Americans who filed for unemployment benefits increased "modestly" for the week ending April 5, according to the Labor Department.
Jobless claims rose to 223,000, up 4,000, but "less than the 225,000 new applications analysts forecast."
The four-week average of jobless benefit applications was "unchanged at 223,000."
Read more via Associated Press
According to the latest University of Michigan survey, consumer sentiment "fell for the fourth straight month, plunging 11% from March." Since December 2024, consumer sentiment has declined by over 30%.
Consumer sentiment in April declined to 50.8, "down from 57.0 in March and below the Dow Jones consensus estimate for 54.6."
The latest decline in consumer sentiment was "pervasive and unanimous across age, income, education, geographic region, and political affiliation."
Consumers' inflation expectations increased from 5% in March to 6.7% in April, the "highest reading since 1981."
67% of consumers are "expecting unemployment to rise in the year ahead," more than twice the percentage from November 2024 and the highest number since 2009.
Read more via University of Michigan, CNBC
Last week was marked by uncertainty around the Trump administration's plans for tariffs. On April 9, President Trump announced a 90-day pause on reciprocal tariffs, providing some calm for consumers and markets. But uncertainty around the tariffs abounds.
What tariffs are in place and which are on "pause"?
Reciprocal tariffs of 10%-50% (depending on country) are "on pause" for 90 days, beginning April 9.
During the 90-day pause, a universal 10% tariff is in place on "all imports, except for those from Canada, Mexico and China." (Canada, Mexico and China are subject to higher tariffs.)
On April 10, Trump announced a 125% tariff would be imposed on China, in addition to the "20% levy put into place earlier this year over China’s role in fentanyl trafficking." That's a 145% total tariff on Chinese imports, a level economists say "could decimate US-China trade."
Some other country-specific tariffs are in place, including Canada (25% for non-energy, 10% for energy) and Mexico (25%).
Sector-specific tariffs are in place for automobiles (25%) and steel and aluminum (25%).
Uncertainty around tariffs is likely to result in "pullback" in investments by businesses:
While the Trump administration "placed a 90-day pause on tariffs" last week, the situation surrounding tariffs "remains uncertain and could have mixed impact on staffing," according to SIA.
The "rapid cycle of policy announcement and policy reversal only heightens uncertainty," according to SIA, which anticipates organizations will continue the “already visible pullback in business investment.”
Read more via SIA, CNN, Bloomberg
Former EEOC officials say employers need a "positive forward-looking framework” for DEI. On April 3, ten former EEOC officials published a statement "questioning" guidance issued by EEOC Acting Chair Andrea Lucas. Lucas released guidance titled “What You Should Know About DEI-Related Discrimination at Work" -- guidance former EEOC officials say "ignores important aspects of applicable law” and “does a grave disservice to employers, their employees, and America’s economy” in its characterization of diversity, equity and inclusion efforts as “fraught with legal peril.” (HR Dive, Statement)
More than half of C-suite leaders say organizations will decrease DEI commitments in 2025: 53% of C-suite leaders surveyed by Littler following Trump's inauguration said the administration's policies and rhetoric "will likely lead organizations to decrease their IE&D commitments over the next year." (That's "up from 38% who said the same pre-inauguration.") (Littler)
The company that makes Corona beer is reportedly "watering down its supplier diversity program and renaming its DEI team." According to news reports, Constellation Brands, Inc. is also reportedly ending "participation in surveys for LGBTQ advocacy group the Human Rights Campaign" as well as ceasing any "lobbying efforts that aren’t core to its business." (Bloomberg)
JPMorgan changed the name of its DEI team to DOI. The "equity" in DEI was replaced with "opportunity." JPMorgan explained in a memo (that has since made its way to the media) that the "E" in DEI always "meant equal opportunity to us, not equal outcomes.” (HR Dive)
Barclays is reportedly eliminating “targets for boosting the diversity of its staff across the US.” According to news reports, Barclays diversity staffing targets will remain in place in the UK, where the bank is based. Barclays told Bloomberg the bank is “committed to a culture which values inclusiveness and equality of opportunity across Barclays.” (Bloomberg)
Kohl’s announced changes to the retailer’s supplier diversity program as well as the DEI officer title. According to Reuters, Michelle Banks’ title “changed from chief DEI officer to chief inclusion and belonging officer.” Banks said Kohl’s has “evolved” its “framework to focus on inclusion and belonging.” According to Bloomberg, Kohl’s also took steps to remove “references to DEI from its website, replacing it with words inclusion and belonging.” (Reuters)
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Greece: Thousands protested in Athens last week to "demand higher wages to cope with rising living costs." A one-day strike in Greece by workers resulted in "ferries docked at ports, flights grounded and trains at a standstill." The strike included "air traffic controllers, seafarers and train workers, municipal workers and bus and metro workers," according to news reports. (Reuters)
South Africa: An organization representing farmers says tariffs imposed by the U.S "will hurt South African citrus farms and could potentially affect 35,000 jobs." On April 2, the Trump administration "imposed a 31% tariff on U.S. imports from South Africa." (Reuters)
Spain: The Conference Board's economic index for Spain (LEI) "increased by 0.5% in February 2025 to 101.5," following a "0.1% downtick in January." The LEI was up 1.1% over the six-month period from August 2024 to February 2025, an uptick compared to the "0.3% growth over the previous six months, between February and August 2024." (The Conference Board)
United Kingdom: Beginning on April 1, UK full-time workers saw a "pay increase of up to £117" as a result of the National Living Wage hike having taken effect. Workers 21 years and older saw the hourly living wage increase from £11.44 per hour to £12.21 per hour, while those in the 18 to 20 range saw the minimum increase from £8.60 to £10.00 per hour. For even younger workers, the "apprenticeship rate" increased from £6.40 per hour to £7.55 per hour. (SIA)
