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Highlights
Layoffs remain elevated but show no new acceleration. Challenger's job-cut tally totalled 71,739 in September, down from 79,459 in August and well down from 100,315 in September last year. But more than one-third of the latest cuts are concentrated among mortgage lenders, construction firms and real estate firms, up from a year-to-date proportion of one sixth. There's definitely distress in the mortgage business as August and September layoffs in the group made up 82 percent of all cuts in the financial sector, up from 26 percent through July. The report warned that housing-related job cuts are spreading to other industries including insurance, consumer products and retail. This morning's report won't affect expectations for Friday's employment report but the comments on subprime fallout may raise concern over future reports.
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