Labor Market Likely To Remain Weak, Index Shows

Washington, DC, Sept. 9, 2008--The U.S. labor market will probably continue to weaken "well into 2009," according to the employment trend index released by the Conference Board.

The index, which looks at eight forward-looking indicators of employment, dropped to 110.8 in August, down 0.5 percent from July and down 8 percent from a year ago.

"The employment trends index continues to rapidly deteriorate, suggesting there is little likelihood of a turnaround in the job market anytime soon," said Gad Levanon, senior economist at the research organization.

"In fact, the pace of decline points toward job losses and rising unemployment extending well into 2009."