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May 6th, 2008 (Modified on March 6th, 2009)

A Shift in the Labor Market



A decline in jobs producing consumer goods has led to an increase in jobs providing services as well. 2007 labor statistics reveal professional and business, education and health, and leisure and hospitality services are way up compared to durable and nondurable goods manufacturing.

Steady increases in gasoline prices coupled with a strained economy have caused Americans to buy fewer cars. The Kiplinger letter predicts Americans will purchase a meager 15 million cars, SUVs, and trucks in 2008, a million less than last year and the worst number in 10 years. Predictions suggest half of all ’08 auto purchases will be foreign brands, further crippling the manufacturing industry.

Manufacturers are not the only ones dealing with the shift in the job market. MBAs and business undergrads are searching harder for jobs, making less money early on, and are settling for jobs in fields other than business. One study suggests individuals who graduate in an economic downturn earn six percent less in the first 10 years of their career.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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