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Realistbear

Persimmon Cuts Jobs As Brown's High Employment Boast Ends

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http://www.telegraph.co.uk/money/main.jhtm...7/cnprop107.xml

Troubled property giant Persimmon cuts jobs
By Jamie Dunkley
Last Updated: 12:34am BST 07/07/2008
Troubled housebuilder Persimmon will confirm tomorrow it has made around 1,000 staff redundant - bringing the total number of jobs losses announced in the sector in the past seven days to 3,200.
Persimmon will confirm how many of its 5,000-strong workforce it has made redundant alongside a trading update on Tuesday. The houseĀ­builder launched a consultation with staff at the end of May, warning that "several hundred" jobs were at risk.
The bad news will be compounded by the release of the KPMG/REC monthly survey of the employment market tomorrow, which will show that the number of permanent jobs available in Britain has fallen for the first time in five years. The findings will also reveal that the number of people looking for work rose in June....../

Early days and onloy about 6 months into the visible crash and we have builders on the brink and La Grande Reversal in Brown's high employment boast. Phase 2 of the crash is underway--collapse of retail and following unemployment. Should start to see some significant house price falls as the bite of winter begins to set in this Autumn.

Brown will soon be saying to not only waste less food but eat less food. :ph34r:

Service sector also collapsing:

http://www.telegraph.co.uk/money/main.jhtm.../bcnpage107.xml

Banking recruitment gloom is spreading to other sectors, says Michael Page
By Emma Thelwell
Last Updated: 8:42am BST 07/07/2008
Recruitment specialist Michael Page warned today that the ongoing weakness in the banking sector is draining the confidence of its clients and candidates in other white-collar sectors.
The group also said that the downturn in the financial sector has hit growth in its UK markets and forced it to diversify abroad.
Edited by Realistbear

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Guest Winnie

Unemployment is definitely the next major wave to crash to shore. They cannot spin the data quite as much as they do with Haliwide as more parties are involved in publishing it and it is "experienced" on the ground, so the news will travel faster and more widely. This is the ingredient which will take HPC to a level we frankly have not seen before - in our lifetimes IMHO.

Yes, it is a mark of his total lack of perceptiveness that he launches the week via the Stalin Broadcasting Company with a dictat telling the much aggreieved and skint populace what to do with the old cabbage in their fridge..............

Interesting article in yesterday's Observer by Andrew Rawnsley - who says that the Glasgow by-election on 24 July may be curtains for Broon as the result coincides with a major meeting of Labour appartchiks - unions, trotskyites etc who may well move to vote him out on the spot if the Scottish Nats get on or evn just make too much headway.

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Looks like the few remaining shareholders in the builders are selling off again today:

PERSIMMON PLC 220.00 -16.00 -6.78%

TAYLOR WIMPEY 30.50 -1.25 -3.94%

REDROW 99.00 -11.50 -10.41%

It is conceivable that we may have some casualties this week which may be prompting the last of the sell-offs before the receivers are called. If they can't (or won't) sell anything they can't make payroll.

Edited by Realistbear

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He still has his "low inflation" and "low interest rates" mantras to fall back on.

:lol:

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Guest xeouialp
Looks like the few remaining shareholders in the builders are selling off again today:

So, who's buying?

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Unemployment is definitely the next major wave to crash to shore.

Lets not forget to add that to the 800,000 adults of working age currently in receipt of Living Disability Allowance*.

*I do appreciate that there are some genuine cases......but 800,000!???

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So, who's buying?

(1) Traders who sold it short yesterday and are closing out their positions;

(2) Traders who expect it to blip upwards later in the week and will sell out at a quick profit;

(3) The certifiably insane.

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it is shocking how bad the builders' business model was. A few months of downturn was all it took to put them on their knees.

Yet we've all been told that the UK would weather the storm, thanks to our strong stable economy with high employment, low mortgage rates etc.. :lol:

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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