Workers in industries that are not doing well usually get laid off. But, it is not a good omen when workers in robust sectors of the economy are losing their jobs.
Countrywide (CFC) has said that about 12,000 jobs will be lost at the mortgage company. The Mortgage Bankers Association says that 30,000 jobs in their industry will disappear next year due to the lowest mortgage originations since 2000. Wall St. firms are letting go employees in fixed income units.
Boston Scientific (BSX) hurt by falling sales of its stents will probably fire 3,400 people later this month.
And, these companies and industries are in trouble