Thursday, December 14, 2006

"downing tools"

not very difficult to project what will happen next.......

nicht sonderlich schwer zu erraten was mit den jobzahlen passieren wird......

Construction is an extreme case in point, largely because it takes several months to build a house. Although employment in the building industry has fallen by over 20,000 in each of the past two months, the drops are modest compared with the collapse in construction spending. The fall in permits issued for new houses suggests there may be many more job losses ahead (see chart). Economists at Goldman Sachs expect housing-related employment to fall by 1.5m-2m in the next couple of years. Unless employment growth in the rest of the economy speeds up and absorbs some of the surplus, the overall jobless rate will soon rise, perhaps rather further than the central bankers would like

more from calculated risk,



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