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Economists are predicting that up to two million jobs could be lost in 2009 before the economy starts to recover.
This week, The Conference Board released its latest Employment Trends Index, showing figures that had fallen 16 percent in the past year. The index currently stands at 99.6, down from November's 101.2.
The index number is a combination of eight different labor market indicators, including initial unemployment claims, manufacturing and trade figures, job hiring rates, and more, such as the number of people working part time for economic reasons or finding it difficult to get work at all. All of the various labor indicators have been falling for 17 months, The Conference Board reports.
"The continued deterioration in the Employment Trends Index signals that no turnaround in the labor market is to be expected in the near future," said the organization's senior economist, Gad Levanon, in a statement.
The nation lost 2.6 million jobs in 2008, and many others, including Federal Reserve members, have predicted that the economy will not start showing signs of strength again until 2010. Still, John Silvia of Wachovia told CNNMoney that job losses in 2009 would probably be closer to 1.5 million because many companies had "already cleared the decks" last year.
Economists predict up to two million more job losses
Economists are predicting that up to two million jobs could be lost in 2009 before the economy starts to recover. This week, The Conference Board released its latest Employment Trends Index, showing figures that had fallen 16 percent in the past year. The index currently stands at 99.6, down from November's 101.2.
The index number is a combination of eight different labor market indicators, including initial unemployment claims, manufacturing and trade figures, job hiring rates, and more, such as the number of people working part time for economic reasons or finding it difficult to get work at all. All of the various labor indicators have been falling for 17 months, The Conference Board reports.
"The continued deterioration in the Employment Trends Index signals that no turnaround in the labor market is to be expected in the near future," said the organization's senior economist, Gad Levanon, in a statement.
The nation lost 2.6 million jobs in 2008, and many others, including Federal Reserve members, have predicted that the economy will not start showing signs of strength again until 2010. Still, John Silvia of Wachovia told CNNMoney that job losses in 2009 would probably be closer to 1.5 million because many companies had "already cleared the decks" last year.
