The Conference Board’s US Employment Trends Index fell in August to a reading of 128.02 from July’s upwardly revised reading of 128.44. The August reading, which followed increases in both June and July, is up 0.8% from the same month a year ago.

“The Employment Trends Index is consistent with moderating job growth in the second half of 2016,” said Gad Levanon, chief economist, North America, at The Conference Board. “With the ongoing massive retirement of baby boomers, even moderate job growth is enough to continue to tighten the US labor market.”

Negative contributions from seven of the eight components fueled August’s decrease. The percentage of respondents who say they find “jobs hard to get” was the largest negative contributor, followed by the ratio of involuntarily part-time to all part-time workers.

The US Department of Labor on Friday reported the US added 151,000 jobs in August and lost 3,100 temp jobs.