Heavy job losses to continue

The Conference Board Employment Trends Index (ETI)™ declined further in November. The index fell to 102.9, down 1.6 percent from the October revised figure of 104.5, and down over 13 percent from a year ago.

"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."