The Conference Board’s US Leading Economic Index rose in February after decreasing slightly in January, suggesting job growth is accelerating. The index rose in February to a reading of 131.39 (2010 = 100) from a reading of 129.91 in January. The reading for February is up 3.1% year over year.

“The Employment Trends Index increased sharply in February, with positive contributions from each of its eight components, providing more evidence that job growth is accelerating,” said Gad Levanon, chief economist, North America, at The Conference Board. “It seems that higher business confidence is carrying over to hiring. As a result, in 2017 labor supply constraints will be strongly felt across many industries and locations.”