Main Street Vs. Wall Street
Abstract:
166,000 more jobs in October is more evidence that Main Street is paying little attention to Wall Street. After a two month pause, hiring has picked up except in housing construction and related industries. Business managers were jolted last summer by fears that the abrupt recognition of huge losses in non-traditional mortgages could spread higher borrowing costs and capital shortages to the broader economy. But now they have restarted expansion plans after seeing only minimal damage outside of the financial and housing markets.
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166,000 more jobs in October is more evidence that Main Street is paying little attention to Wall Street. After a two month pause, hiring has picked up except in housing construction and related industries. Business managers were jolted last summer by fears that the abrupt recognition of huge losses in non-traditional mortgages could spread higher borrowing costs and capital shortages to the broader economy. But now they have restarted expansion plans after seeing only minimal damage outside of the financial and housing markets.