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alstry (35.28)

NYC Trouble???

Recs

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May 20, 2008 – Comments (3)

"Imminent" recession may cost NYC 59,400 jobs: study
 

Tuesday May 20, 12:08 pm ET
By Joan Gralla

NEW YORK (Reuters) - An imminent recession could cost New York City 59,400 jobs between now and the middle of next year, with the profit-stricken financial sector the "epicenter" of the downturn, a new report said on Tuesday.

 

As some of you know, I have been blogging about this issue lately.  However, it looks like they missed a zero in the job loss number.

3 Comments – Post Your Own

#1) On May 20, 2008 at 4:43 PM, alstry (35.28) wrote:

Reuters
Lehman cutting about 1,300 jobs globally
Tuesday May 20, 4:07 pm ET

NEW YORK (Reuters) - Lehman Brothers Holdings Inc (NYSE:LEH - News) is cutting roughly 1,300 positions globally, or nearly 5 percent of its work force, amid difficult market conditions, a person briefed on the matter said on Tuesday.The latest cuts are in addition to Lehman's layoffs of more than 5,000 people since mid-2007.

 

Latest cut brings Lehman's total cuts to about 20% of workforce.

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#2) On May 20, 2008 at 5:04 PM, ATWDLimited (< 20) wrote:

Well, thats the price to pay. They will probably raise taxes too, which will kill any chance of strong business in the future. Its ti me to wake up the jobs are now going, and they won't come back even if things get better, the environment, regulation, taxation are chocking business, so thats the price to pay when you have a large semisocialist style governments.

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#3) On May 20, 2008 at 5:20 PM, abitare (39.81) wrote:

NYC almost went bankrupt in the 1970.

My WAG is they will get a lot closer this time around.  (ref  http://en.wikipedia.org/wiki/History_of_New_York_City_(1946-1977))

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