Labor & Economic News Blog


Tuesday, September 05, 2006

As market cools, lots of jobs freeze

As market cools, lots of jobs freeze
The cooling U.S. housing market could mean "a whole lot" of job cuts as construction companies, mortgage brokers, real estate agencies and landscapers start laying off legions of workers, economists say. "By next year, it should stabilize, but for now, yes, jobs are going to be lost," said Zoltan Pozsar, an economist with Moody's Economist.com Inc. Between early 2003 and March 2006, the housing boom created about 1.2 million jobs throughout the industry, he said. But since spring, he added, employers not only have stopped hiring, they have slashed about 25,000 jobs.

 



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