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NYC may lose 165,000 jobs
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by Amy Judd | October 14, 2008 at 06:06 pm
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There could be up to 165,000 more layoffs in New York City in the next two years, which is actually double the estimate which was made in July by city Comptroller William Thompson.
Thompson also stated that about 35,000 industry workers could also be laid off, which is different from a prior estimate of 25,000.
"The differences reflect the spreading of the economic troubles to other industry sectors as the nation slips into a general recession," he said in a statement.
Wall Street is the city's most important industry, with each of its high-paying jobs helping support two to four workers in other sectors, from shops to law firms, economists say. The sector has been walloped by the global credit crunch, which led to the record bankruptcy of Lehman Brothers Holding Inc and the government rescue of insurance giant AIG.
The latest estimate by Thompson is gloomier than a late September prediction by state Comptroller Thomas DiNapoli, who estimated 40,000 securities industry workers would lose their jobs statewide, with most of the losses concentrated in New York City. About 89 percent of all securities jobs are in New York City, DiNapoli said.
The amount of jobs on Wall Street peaked in December 2000, at 200,300. However, it does take months for layoffs to show up in unemployment data.
Most RecentMost Recommended Comments (1)
at 23:19 on October 14th, 2008
amyjudd, I like this story. It's good stuff.