The collapse of the sub-prime loans and the securities based upon them has had some obviouis effects on employment, starting with the mortage lenders.
Mortgage employment implodes
24,000 workers have lost their jobs this month
By Ieva M. Augstums
The Associated Press
Tucson, Arizona Published: 08.23.2007
Since the start of the year, more than 38,000 workers have lost their jobs at mortgage-lending institutions, according to recent layoff announcements and data compiled by global outplacement firm Challenger, Gray & Christmas Inc. Meanwhile, construction companies have announced nearly 20,000 job cuts this year, while the National Association of Realtors expects membership rolls to decline this year for the first time in a decade.
"It's far from over," said Bart Narter, a senior analyst with Celent, a Boston-based financial research and consulting firm. "The subprime-lending collapse will continue to ripple through the financial sector."
Tuesday, August 28, 2007
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