CarMax cuts 610 jobs among slowing sales

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Richmond-based CarMax announced Wednesday it would cut 610 jobs, or 4 percent of its work force, because of slowing car sales. The cuts will come from the reconditioning departments in 60 of CarMax’s 90 stores. (Richmond Times-Dispatch)

Old Dominion University economists predict the region’s housing slump will reach its bottom point in mid-2009. The economists predict the average number of days on the market will increase to 85 and new home permits will decline by 25 percent. (Daily Press

Richmond area’s publicly traded companies lost about $16 billion in equity during the recent stock market turmoil. Companies on the Richmond Index saw their combined market capitalization fall from $113 billion on June 30 to $97 billion as of Sept. 30. (Richmond Times-Dispatch)

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