The Conference Board's employment trends index fell 0.5% in August, and now stands at 110.8. It is down more than 8% from a year ago.

"The employment trends index continues to rapidly deteriorate, suggesting there is little likelihood of a turnaround in the job market anytime soon," said Gad Levanon, senior economist at The Conference Board. "In fact, the pace of decline points toward job losses and rising unemployment extending well into 2009."

The index aggregates eight labor-market indicators into a composite index.