By early September, jobless claims are expected to rise to reflect the trouble this sector is having. And the housing downturn, which economists expect to last at least another year, is likely to continue being felt in other ways: a decline in the number of real-estate agents, fewer jobs tied to businesses that deal in home furnishings and appliances and possible cuts in investment-banking jobs, or at least smaller bonuses on Wall Street.
Mortgage Firms in Lay-Off Mode
Mortgage firms have announced more than 20,000 job cuts in the month ofAugust as the subprime-lending sector tumbles. The cuts equal about 15% of the new jobs the economy has been creating each month in 2007.
Published on August 24, 2007
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