Lay-offs Are Moving To Healthy Sectors In The Economy

24/7 Wall Street:

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

Read the whole story: 24/7 Wall Street

Comments

[mrcontinental]

People are laidoff in the name of profits and as long as the dividend checks keep going out most will turn a blind eye and keep buying oil and grain futures. As long as two people are making a profit this madness will continue.

[MsJoanne]

Greed is causing this. Greed is going to cause the next DEPRESSION not just recession.

This has been a long time in the making, caused by the most greedy of corporatists. Scandals of corporate accounting will be nothing compared to how screwed the average person is going to be.

No income.
No insurance.
No food.
No life.

Welcome to America 2010!