Employment Trends Index Continues To Weaken

New York, NY, Dec. 11, 2008-The Conference Board Employment Trends Index declined further in November.

The index fell to 102.9, down 1.6 percent from the October revised figure of 104.5, and down over 13 percent from a year ago.

“Thus far, the U.S. economy has lost 1.9 million jobs and the declines in the ETI suggest job losses could very well surpass 3 million by mid 2009,” said Gad Levanon, senior economist at The Conference Board.

“The continued deterioration in the labor market will exert significant downward pressure on wages.”

The 16 month-long decline in the Employment Trends Index is seen in all eight of its components, most notably over the past six months in temporary-help hires and part-time workers for economic reasons, notes Levanon.

The Employment Trends Index (ETI)(TM) aggregates eight labor-market indicators, each of which has proven accurate in its own area.