Internet reports that the American Chamber of Commerce's Employment Trend Index (ETI) fell further in May, from 108.00 to 107.49. "Compared with the beginning of 2025, ETI continued to slow down in May. But despite widespread caution about tariffs, the ETI is currently above the 2017-19 average, indicating that the labor market overall remains on a solid footing." The consultation noted that differences between hard and soft data continued to exist,"While uncertainty may weigh on business and consumer confidence, May employment data suggests that hiring continues to keep the labor market broadly balanced." However, we are starting to see erosion in some industries, which may indicate that pressure from tariff changes is emerging."