NEW YORK -- The Conference Board Employment Trends Index (ETI) declined in September, suggesting even more losses to come in the labor market.
The ETI fell to 108.4, down 0.8 percent from August, and down almost 10 percent from a year ago.
"The deterioration in the Employment Trends Index has become very pronounced, suggesting that the unemployment rate may well exceed 7 percent as early as the second quarter of 2009," said Gad Levanon, Senior Economist at The Conference Board. "The persistent slackening in labor market conditions, worsened by the financial crisis, has reached a level that in the past led to significantly slower wage growth across most industries."
For more information, visit www.conference-board.org/economics/employment.cfm.