The housing slump has affected more than just the mortgage industry, hammering the home improvement sector as well. Paint maker Sherwin-Williams Co. has announced that in order to cut costs, it will soon be cutting jobs — especially as oil prices continue to rise, increasing Sherwin's input costs.

"The length and severity of the housing market decline has caused a business and segment mix change that is contributing to this earnings shortfall," said Sherwin-Williams chief executive Christopher Connor.

Jobs at Sherwin's plants, distribution centers, and paint stores will be among those cut, said Connor. And approximately half of the stores themselves will close by the end of 2008.

According to Connor, "Domestic market conditions remain very challenging, with no apparent end in sight."

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