NEW YORK—The job market will likely continue to deteriorate into 2009, according to the Conference Board Employment Trends Index (ETI).
The index fell in August to 110.8, down 0.5% from July’s revised figure of 111.4, and down more than 8% 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,” says Gad Levanon, senior economist at the Conference Board. “In fact, the pace of decline points toward job losses and rising unemployment extending well into 2009. Leading indicators of employment are deteriorating throughout most of the U.S., with the West South Central region (including Arkansas, Louisiana, Oklahoma and Texas) faring better than other regions.”
The Conference Board publishes the ETI monthly. For more information, visit www.conference-board.org/economics/employment.cfm.