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Local Digest: Verizon laying off 1,000 in D.C. area, union says

A Verizon spokesman said the layoffs are part of the already-announced plan to cut 8,000 jobs before the end of the year, and that layoffs are a last resort after buyouts.
A Verizon spokesman said the layoffs are part of the already-announced plan to cut 8,000 jobs before the end of the year, and that layoffs are a last resort after buyouts. (Mark Lennihan/associated Press)

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Wednesday, November 18, 2009

EMPLOYMENT

Verizon cutting 1,000 area jobs, union says

The largest union for Verizon Communications workers said the company is laying off more than 1,000 employees in the District, Maryland and Virginia.

Verizon spokesman Alberto Canal said the layoffs are part of the already-announced plan to cut 8,000 jobs before the end of the year. Canal confirmed that there have been layoffs this week but could not confirm the number given by the union.

The Communications Workers of America criticized the company for the cuts, pointing to its profit. Canal said the layoffs are a last resort after buyouts.

-- Associated Press

ECONOMY

Fannie Mae sees end to the housing slump

Fannie Mae, responsible for almost one in four U.S. residential mortgages, said the three-year housing slump may end in 2010 with an 11 percent jump in home sales as the economic recession is "unofficially" over.

The economic rebound will still be "relatively weak" compared with other recoveries from deep recessions, the District-based company said in an economic and housing forecast. Median home prices are still likely to fall next year, by less than 1 percent, as sales rise, Fannie Mae said.


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