The Housing Trainwreck From Yet Another Angle

According to the Bureau of Labor Statistics, the increase in unemployment in the architecture and engineering occuptions has doubled from 2007 to 2008! This is roughly 4 times the average change in unemployment for all people aged 16 and over, which was 26.1% at the end of 2008. This statistic was relevant when total unemployment was 5.8%. With today's reading of 8.5% unemployment, all bets are off as to what on earth is going on in the U.S. labor market.

Unemployment zerohedge

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Comments

[Anonymous]

Not only are engineers and architects running at double unemployement so are interior designers and the goods they sell normally, textiles and furnishings have seen mill production slow dramatically. A good number of these firms that are all interconnected started out as family businesses and many remain so. The big risk is seeing the more artisanal firms on the scale get wiped out as China mass produces cheap goods for a country that no longer knows what quality is. When Obama, in his first "non state of the union" address in February '08 admonished John Thain of Merrill Lynch and his capitalistic piggy purchase of "fancy drapes" he put another nail in the coffin of mid to high end designers and architects. Let's also not forget the construction workers that are laid off as projects at all levels are frozen along with credit.