Economic News

Job Losses Continue to Plague the Financial Services Sector

May 31, 2008 - New York alone has lost over 10,000 jobs in the financial services sector since last summer and it appears more job losses are still to come.  The tally of job losses to date may not tell the complete story as those employees who have been let go, and yet are still receiving severance pay, continue to be reflected on many company payrolls.  The job cut totals, by just under 30 New York based financial firms, equates to a little over 3.5% of the workforce.  This is far less severe a cut back than what was experienced as a result of the dot-com bust and the 9/11 attacks at the beginning of the decade when an astounding 17% of jobs were lost.  Employee compensation, in the way of wages, bonuses and benefits, is the greatest expense of most any Wall Street firm and during the period preceding the dot-com bust the pace of hiring to handle the wave of high tech IPO's (Initial Public Offering) was brisk.  After the burst of the dot-com bubble, many of the jobs that were cut both domestically and internationally were eliminated permanently.  It is expected that when this downturn reaches an end approximately 45,000 jobs will have been lost in New York, or slightly less than 8%, as compared to the aftermath of the 9/11 attacks when job losses totaled almost 10%.  However most analysts agree that given the dramatic impact of over $380 billion in write-downs and losses incurred in the wake of the sub-prime mortgage mess, that banks and brokers have not yet finished the process of shedding jobs. In fact even venerable market guru Warren Buffett recently shared his opinion that the recession in the U.S., which was sparked by the meltdown in mortgage-backed securities, will be more prolonged and more deeply felt than many currently believe.   

Nancy Osborne, Nancy Osborne has had experience in the mortgage business for over 20 years and is a founder of both ERATE, where she is currently the COO and Progressive Capital Funding, where she served as President. She has held real estate licenses in several states and has received both the national Certified Mortgage Consultant and Certified Residential Mortgage Specialist designations. Ms. Osborne is also a primary contributing writer and content developer for ERATE.

"I am addicted to Bloomberg TV" says Nancy.


Economic Reports: Consumer Price Index

Economic Reports: Unemployment Rate

Economic Reports: Mortgages

Who's Right About Inflation


Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachusetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California

Start by selecting your state

Get the Updated and Improved Mortgage Rates App from

iPad for Mortgage Rates

Refinancing: Getting Started

Refinancing Info and Advice

Refinancing: Selecting a Loan

FREE Mortgage Rate Widgets
Your State's Rates or National Rates
Get this Widget for any State you want