Continued job losses
in the finance industry are likely part of the reason that the
unemployment number in New York City saw a jump to 9% in May, the highest level in more than a decade, according to the New York State Labor Department.
James Brown, an
analyst with the New York State Labor Department, told The
New York Times the rise in unemployment in the city in May was
concentrated in the fields of communications media, advertising and
other information services, as well as in finance and education.
Meanwhile, he said tourism-related businesses and construction, which
saw an inflow of federal stimulus money, registered an uptick.
Nationally, the government released two weeks ago that employment in the financial industries decreased by 30,000 in May.
The securities industries lost 10,000 jobs and real estate lost 9,000.
Overall, the national unemployment rate rose to 9.4% in May, with the numbers of jobless Americans increasing in all states except Nebraska, according to a report two weeks ago. - Gerald Magpily
See New York Times article
See U.S. Department of Labor press release
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It is freakin' bad out there. If this goes on much longer, it will make the late '70s look like party time. Time to pack up and move to Kansas?