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Economists See 3 Million Unemployed

The Conference Board said its Employment Trends Index dropped to 102.9 in November, down 1.6% percent from the October revised figure of 104.5, and down more than 13% from the same month lat year.

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“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 Employment Trends Index 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. (Tire Review/Akron)
 
 

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