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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Tommaso who wrote (81475)	5/4/2007 9:58:18 AM
From: orkrious	Read Replies (3) of 110194

From Doug Kass this morning: thestreet.com It is interesting to note that not only was today's jobs report below expectations, but that the prior month's release was also revised downward for the first time in 11 months. As I mentioned earlier, I am certain that in the fullness of time, plummeting housing permits, high home sales cancellation rates (see Hovnavian's (HOV) 32% cancellation rate just reported), moderating economic growth and a retreat in mortgage availability (from the subslime mess) will show that we are on the cusp of moderating job growth. Few are focused on the housing market's effect on employment in the financial services sector. This morning's report showed 11,000 jobs were lost in the financial services category. With realtors, mortgage brokers and related housing service jobs walking the gang plank, the loss of jobs in the financial category, along with construction jobs, will get worse. For example, in Orange County, Calif. over one-third of the employed workers at year end 2006 were in real estate-related market positions.

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