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The Conference Board's employment trends index is falling at the fastest rate since the 1974 recession, said Gad Levanon, the organization's senior economist. The index fell 1.0% to 96.6 in January from December's revised figure of 97.5. And it's down 18.6% from a year ago.
"Such declines suggest considerable job losses will persist for several more months," Levanon said. "It is becoming clearer that the continued worsening economic conditions are forcing many companies to make further downward adjustments to their workforce."