NEW YORK, N.Y. — The Conference Board’s Employment Trends Index fell again in June, continuing a decline that began in July 2007 and suggesting more job losses in the coming months. The index fell by 0.6% in June to 111.9 from 112.6 in May and is down 8% since July 2007.
Specifically, the index reported manufacturing, trade, construction and truck transportation industries shed 712,000 jobs in the last six months while the rest of the economy added 274,000 jobs.
“Most leading indicators of employment point to an even sharper deterioration in the labour market in the months ahead,” said Gad Levanon, senior economist at The Conference Board. “The steep decline of the employment trends index in recent months, and the fact that its weakness is spread throughout all of its components, does not leave much room for optimism.”
Plotted back to 1973, the Employment Trends Index has accurately signalled every rise and fall in employment over the last 35 years, according to officials.
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