MarketWatch: Layoffs Mounting in Housing

Report from MarketWatch on new home construction jobless claims: "Residential construction jobs have fallen by 84,000 in the past year. And economists say the layoffs will soar this year as the production pipeline dries up. Home builders have slowed the pace of groundbreaking, but there are plenty of homes still under construction that were started months ago. As many as a half a million construction jobs could be lost, according to Citigroup economist Steven Wieting."

"Factory jobs have been affected too. Masco, a big plumbing parts maker, announced job cuts of 8,000. Another parts maker, British-based Wolseley, announced 4,500 cuts. Whirlpool said it would cut 500 jobs. The government says jobs in furniture factories are down by 28,000 in the past year, while jobs in wood products are down by 33,000."