Mortgage rates are falling as this week's dramatic action by the Federal Reserve provides a boost to the dismal housing market, but the nation's unemployment rolls are stuck at historically high levels amid a deepening recession.

Mortgage giant Freddie Mac (nyse: FRE - news - people ) on Thursday reported that rates had fallen to the lowest level on records dating back to 1971. Average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from the year's previous low of 5.47 percent, set last week.

Jobs data from the government, while better than expected, was still sobering. The Labor Department on Thursday said its tally of initial jobless benefit claims fell to a seasonally adjusted 554,000 from an upwardly revised figure of 575,000 the previous week. The new tally was slightly below economists' expectations of 558,000 claims.

Another slight improvement was seen in the number of people who continue to receive jobless benefits, which declined to 4.38 million from 4.43 million the previous week. Economists expected a slight increase to 4.45 million.

Still, claims remain near the highest level since 1982, though the labor force has grown by about half since then.

And the cuts continue. Water treatment and storage systems maker Pentair Inc. (nyse: PNR - news - people ) said Thursday that it will cut more than 10 percent of its work force, or about 1,600 jobs, due to a faster-than-expected drop-off in demand and consumer spending. One day earlier, hard drive maker Western Digital Corp. (nyse: WDC - news - people ), managed-care company Aetna Inc. (nyse: AET - news - people ), and Newell Rubbermaid Inc. (nyse: NWL - news - people ), maker of products including Rubbermaid storage containers and Sharpie pens, announced mass job cuts.

Meanwhile, President-elect Barack Obama is laying the groundwork for a giant economic stimulus package, worth possibly $850 billion over two years, which Democratic congressional leaders say could be passed within two weeks of Obama taking office.

Financial Career Options

Believe it or not, there are still jobs in finance. Here's a look at some career paths.

For the business graduate, obtaining a degree is just the beginning. What's left is to take a closer look at available career options, measuring which industry sectors have the greatest need for new professionals. The finance industry is multifaceted, offering a variety of positions catering to a number of different skills and interests.

Financial services have multiple sub-industries encompassing niche opportunities. The key to individual success is to research, locate and land the financial job that has the greatest compatibility with your skills and interests. The same is true for professionals seeking a change in scenery and who want to give a new sector a shot.

Here are some common career paths you may pursue in the financial-services industry:

Corporate finance: These jobs involve working for a company in the capacity of finding and managing the capital necessary to run the enterprise. This is done while maximizing corporate value and reducing financial risk.

The functions you may implement while in such a position include: setting up the company's overall financial strategy; forecasting profits and losses; negotiating lines of credit; preparing financial statements and coordinating with outside auditors.
More sophisticated corporate finance jobs might involve mergers and acquisitions activity, such as calculating the value of an acquisition target or determining the value of a division for a spin-off.

Corporate finance positions can be found in companies of all sizes, from large, international entities to small start-ups. Additional corporate finance positions include financial analysts, treasurers and internal auditors. (Learn more about a career as an analyst in "Becoming A Financial Analyst," and as an internal auditor in "An Inside Look At Internal Auditors.")

Commercial banking: Commercial banks, from large entities to local institutions, offer a range of financial services, from checking and savings accounts to IRAs and loans. Career options available in this sector include bank tellers, loan officers, operations, marketing and branch managers. Talented professionals can advance from a local branch job to a position in corporate headquarters. Such a promotion would expose you to a number of other areas, such as international finance. (Learn more about a career in institutional marketing in "The Marketing Director's Pitch.")

Carla Sozzani, Julian Schnabel, and Franca Sozzani   more photos ›

In the weeks preceding Art Basel Miami Beach, many claimed that the little hiccup currently working its way through the international economy would be worst felt in the fair's social engagements, i.e., the parties that are the precise reason many fancy folk make the pilgrimage to south Florida every December. Well, if Wednesday night was any indication, those naysayers couldn't have been more wrong. Not one, not two, but three big events were on the docket: Silvia Venturini Fendi's dinner at the home of Miami Design District doyen Craig Robins, Puma's sit-down to toast its collaboration with the Rubell Family Collection on 30 Americans, and the fête that Allison Sarofim and Stuart Parr hosted at Casa Tua for Edmiston yachts (yes, apparently people are still buying, or at least looking at, yachts).

"If you're quick—in and out—you can squeeze in more than one party," said Sarofim. But being quick wasn't easy, what with the evening's many speeches. At least they were big on laughs. Raising a glass to the German shoe giant, art collector Mera Rubell said, "I love Puma. If you're going to galleries all day, you need a comfortable shoe. In fact, when people ask what you need to start a good art collection, I now always say a pair of Pumas." Back at Casa Tua, after thanking the art royals in the room (and the actual royals, if you count Princess Firyal of Jordan), Parr stood on his banquette to tell a bawdy joke involving a burka and a pear that left more than one lady blushing. Benicio Del Toro, for the record, liked it.

Exits are few, but promising start-ups are still getting funded. Check out these hot spots of activity.