More softening is seen in the labor market, according to the release yesterday of the Conference Board’s employment trends index, which slid to 110.8 in August from 111.4 in July.
The July index was originally reported as 112.1.
The index has been in a year-long decline in July, falling more than 8% from August 2007.
“The employment trends index continues to rapidly deteriorate, suggesting there is little likelihood of a turnaround in the job market anytime soon,” said 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.”