Conference Board: ETI Falls to 102.9 in November

More softening is seen in the labor market, according to the Conference Board’s employment trends index, which slid to 102.9 in November from 104.5 in October. The October index was originally reported as 105.3.

The index fell 1.6% last month and more than 13% in the past year, the board said.

“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 thre million by mid 2009,” said Gad Levanon, the board’s senior economist. “The continued deterioration in the labor market will exert significant downward pressure on wages.”

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