A week ago, Joshua Hager was despondent. Laid off by a mortgage company, he has looked for jobs ranging from bank teller to risk analyst. He was sending out as many as 10 resumes a day but was getting barely a nibble from employers or recruiters.

Hager has joined nearly 125,000 others on Wall Street and at mortgage firms and other financial companies who received pink slips since the start of 2007. It seems that nearly every week another financial firm lets go of thousands of workers at all levels. With the market flooded, it’s hard for the unemployed to land a job, experts said.

Every time he turns on the television, Hager worries that he’ll hear of more layoffs. He shuddered when he learned that JPMorgan Chase would acquire Bear Stearns, which employs 14,000 staffers.

“How many people will be swamping the job market?” he said. “Everybody in finance will be looking for a job.”

My Take : Rightnow the problem is with the Finance jobs. If the economy continues to detoriate, we might soon see other sectors also getting affected. If that continues for a prolonged period, other countries also could affected.