The Conference Board’s US employment trends index increased in October to a reading of 123.09, up from September’s upwardly revised reading of 121.91. The October reading is up 7.7 percent from the same month a year ago.

“The employment trends index continues to increase rapidly, with all eight components improving in October,” said Gad Levanon, director of macroeconomic research at The Conference Board. “The index is signaling solid job growth through the winter. As a result, we could see the unemployment rate reach its natural rate of 5.5 percent by early spring.”