More softening is seen in the labor market, according to the Conference Board’s employment trends index, which slid 1.6% to 99.6 in December from a downwardly revised 101.2 in November, originally reported as 102.9.
The index fell almost 16% in the past year, according to the board.
“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.
