“Large losses of jobs in real estate and construction are canceling out job gains, Gin said.”
“The culprit is real estate,” Gin said. “You’ve lost 7,400 jobs year over year in construction. And in the real estate side, you’ve lost 3,300 jobs there. The rest of the economy is OK fundamentally, but the problem is now this real estate fallout is spreading into other sectors.”
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“…this real estate fallout is spreading into other sectors”
ie, all of the economic activity that was based on real estate is going away
