Finance Sector Loses Jobs in July, Expected to Lose More in Coming Months

[marmar]

The finance sector saw 4,000 jobs disappear last month, according to the Bureau of Labor Statistics, continuing the trend begun last month when the sector lost 15,000 jobs. Expect more losses in the months ahead.

Credit intermediation and related activities lost 3,000 jobs, while real estate, rental and leasing lost 900 jobs. Securities, commodity contracts and investments gained 700 jobs, while commercial banking saw an increase of 200.

Nigel Gault, chief U.S. economist with IHS Global Insight, hadn't expected much growth for the finance sector in particular, which has been moving sideways for the past several months in terms of job gains and losses. Gault expects the sector to lose jobs over the next several months.

"There will be less deal-making and less activity. Profits will be weaker and the reactions of firms will be to cut back," Gault said. "Things tend to work a little faster in finance, so the next two or three months we will see companies cutting back." .............(more)

The complete piece is at: http://www.fins.com/Finance/Article.aspx?Sbnumber=SBB0001424053111903454504576490004088906210&ArticleName=Finance-Sector-Loses-Jobs-in-July-Expected-to-Lose-More-in-Coming-Months?mod=mktw

[pscot]

1. These aren't WallStreet jobs

Most are in our local communities and are related to the moribund real estate and building business.