The Times reports that highly-paid professional workers like lawyers, architects and accountants are swelling New York City's unemployment rolls as the effects of the financial crisis spread through the professional service, construction and retail sectors.A report from nonprofit research group Fiscal Policy Institute found that in October, the number of unemployed white-collar workers outside the financial industry was up by more than 40% over last October, with unemployed college graduates up by 50%.
As unemployment shoots up in New York City, it affects a broader spectrum of workers, professional and blue-collar, young and old. And unemployment will continue to rise in the coming months.
There was more bad news from the financial industry this week, when Bank of America announced 30,000 to 35,000 layoffs over the next three years as it digests Merrill Lynch.
The recession hit New York later than the rest of the country, but the city has lost about 10,000 jobs since August and will likely lose more than 150,000 jobs during this recession.
The Fiscal Policy Institute report estimates an average of 10,000 monthly job losses through the end of 2009.
Being highly educated and unemployed is part of a national trend, according to the Economic Policy Institute in Washington. Some unemployed American professionals are considering looking for work overseas.
The city comptroller estimates that Wall Street bonuses will be halved this year, lowering city tax revenues by 4.3 percent over the next 6 months.
Managerial jobs and jobs in the health care, social services and arts, entertainment and recreation have, in large part, been spared.
http://www.nytimes.com/2008/12/12/nyregion/12jobs.html?em
