The Conference Board's employment trends index fell to a reading of 102.9 in November, down from October's reading of 104.5. Year over year, November's reading is down 13%.

"Thus far the U.S. economy has lost 1.9 million jobs and the declines in the [employment trends index] 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."

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