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Mass. Financial Sector Faces Downsizing

Economic experts predict that the nation's weakening economy will cost financial services companies in Massachusetts 7,200 jobs through the end of 2009.

Gus Faucher, director of macroeconomics at Moody's Economy.com, tells The Boston Globe the financial and insurance sector shed 900 jobs in September. Faucher says Massachusetts is projected to lose a slightly higher proportion of financial jobs than the country as a whole.

University of Massachusetts at Boston economist Alan Clayton-Matthews says the job losses will have a ripple effect throughout the economy as businesses that rely heavily on the financial services industry, including limousine companies, will also suffer.

He says the good news is that many financial workers are highly educated and will find new work.

This program aired on October 30, 2008. The audio for this program is not available.

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