Signals show more strong employment declines to come
Toronto, ON -- The Conference Board Employment Trends Index (ETI) declined further in November 2008. The index fell...
Toronto, ON — The Conference Board Employment Trends Index (ETI) declined further in November 2008. The index fell to 102.9, down 1.6% from the October revised figure of 104.5, and down over 13% 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 ETI 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 Conference Board publishes the ETI monthly. The technical notes to this series are available on The Conference Board website: www.conference-board.org/economics/employment.cfm.