Job Losses Mount From Housing Slump
If you’re searching for a job these days, you’re in for some additional competition. According to the Associated Press today, more than 25,000 workers across the United States have lost jobs in the financial services industry since the beginning of the August, with more than half coming since last Friday. The job cuts are the direct result of woes in the nation’s housing market.
Since the beginning of 2007, more than 40,000 workers have lost their jobs at mortgage lending institutions, according to Chicago-based global outplacement firm Challenger, Gray & Christmas Inc. In addition, construction companies have announced nearly 20,000 job cuts to date. Actual losses might be much higher because many crews are small operators with independent contractors as well as many illegal immigrants. The National Association of Realtors is even looking at a decline in membership for the first time in a decade.
Bart Narter, a senior analyst with Boston-based financial research and consulting firm Celent told the Associated Press that, “It’s far from over. The subprime lending collapse will continue to ripple through the financial sector.”
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