Job Losses Could Surpass 3M By Mid 2009

NEW YORK -- The Conference Board’s Employment Trends Index declined further in November 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 indicators, most notably over the past six months in temporary-help hires and part-time workers for economic reasons, notes Levanon.