Study: NYC Unemployment to 8.5% This Time Next Year
The good news from a new study from the Fiscal Policy Institute of New York is that the city's employment, which had lagged the nation's for most of the post-September 11 era, began to match and even exceed U.S. levels even as the current recession hit. The bad news is, we're on our way down again. The financial sector's recent job hemorrhage, cushioned by severance arrangements that kept some Wall Streeters on payroll for a while, is only starting to catch up with us. Unemployment claims jumped in several sectors between October 2007 and October 2008 (in the construction industry by 37 percent, and in manufacturing by 56). The Institute believes that come 4th quarter next year the city's unemployment rate will be 8.5 percent, job losses for November 08-December 09 will average about 10,000 a month, and our poverty rate, already around 20 percent, will "almost certainly rise sharply." Have a nice Friday!
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