The employment index now stands at 99.6, Conference Board said, down nearly 16% from a year ago.
The nationwide unemployment rate jumped to 7.2% in December, according to the federal government, the highest level in 16 years.
“During 2008, total non-farm 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. “The continued deterioration in the employment trends index signals that no turnaround in the labor market is to be expected in the near future.” (Tire Review/Akron)