Economy Could Lose 2 Million More Jobs
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The Conference Board Employment Trends Index (ETI) fell again in December, suggesting that job losses may continue through 2009 to total another 2 million jobs lost by year's end.
The Index was 99.6 in December, a 1.6% drop from November and almost 16% lower than a year ago, The Conference Board reports.
"During 2008, total nonfarm employment declined by more than 2.5 million and the sharp declines in the Employment Trends Index suggest that in 2009 this number could grow by another 2 million," said Gad Levanon, senior economist at The Conference Board. "The continued deterioration in the Employment Trends Index signals that no turnaround in the labor market is to be expected in the near future."
The Index has declined for 17 consecutive months as of December. The decline has been seen across the board, in all eith labor-market indicators aggregated in the report. Click here to read the complete story.