US Job Market Weakened Further in October

The U.S. job market weakened in October as demand for goods and services continues to
decline, a private research group said on Monday.

The Conference Board said its Employment Trends Index recorded a 15-month-long decline to 105.3 in October from a revised 107.2 in September, first reported as 108.4.

The index is down 11.8 percent from a year ago.

"The economic developments of the last two months made it clear to businesses that demand for goods and services in the U.S. is declining, and businesses are responding by aggressively slashing their payrolls," said Gad Levanon, economist at the Conference Board, in a report.

"Unfortunately, it seems this environment will persist for several more quarters and business leaders will continue reducing their workforce," he added.