From the Daily News:
New York is No. 1 again – this time, unfortunately, in job losses.
The city is projected to shed more jobs than any other metro area in the country this year, with 181,000 people likely find themselves without a paycheck.
The grim forecast can be traced to turmoil in the finance industry, which will account for more than 50,000 of the jobs lost, according to IHS Global Insight, which researched employment trends nationwide for the U.S. Conference of Mayors.
And New Yorkers will find the ripple effect to be painful.
“Financial jobs are crucial, they are high paying, they generate income spent on law firms, restaurants and ad agencies,” said Jim Diffley, managing director of at IHS Global Insight. “There will be spill-over that will be pretty broad.”
The unemployment rate in the New York area is expected to jump to 7.6% in the fourth quarter of 2009 from an estimated 6.1% in the same period last year.
The dark forecast could mark a turning point for the city, which until recently, had been faring better than the rest of the country. The city’s housing market has held up relatively well because there has been relatively less new construction here.
From the AP:
Only five metropolitan areas in the U.S. will escape job losses this year, according to a forecast released Saturday by the U.S. Conference of Mayors.
New York is expected to take the biggest hit as thousands of jobs are lost on Wall Street. Big financial firms are slashing workers as they cope with bad debt. Other companies have gone under, like Lehman Brothers Holdings Inc., which filed for bankruptcy in September.
The New York area is expected to lose 181,000 jobs in 2009, the report said. Consulting company IHS Global Insight produced the report for the group.