Job outlook gloomier, board says

NEW YORK (CNNMoney.com) - The already bruised labor market is likely to see further losses, according to a report issued Monday by a leading business research organization.

The Conference Board's Employment Trends Index (ETI), which combines a number of readings on jobs and unemployment, fell to 102.9 in November, down 1.6 percent from October's revised figure of 104.5. The Index has fallen 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, in a news release.

One result of a soft job market could be less competitive wages. "The continued deterioration in the labor market will exert significant downward pressure on wages," said Levanon, in the release.