Wednesday October 29, 2008

New York may lose 165000 jobs on mass layoffs due to credit crisis

bloomberg.com :

New York City may lose as many as 165,000 jobs, including 35,000 in the financial industry, as the impact of the credit crisis spreads throughout the economy, Comptroller William Thompson's office said. Wall Street, which accounted for 9% of New York's tax revenue in 2007, has been upended by the global credit crisis and financial meltdown that has led to the downfall of Lehman Brothers, Merrill Lynch and Bear Stearns.

Economists at the Federal Reserve Bank of New York estimate that high-paying financial industry jobs have a multiplier effect. Each lost securities industry position may eradicate as many as 3 other positions in the city and state. Losses among Wall Street firms will be so large this year, many of them won't have to pay taxes to the city for years, Mayor Michael Bloomberg has said. He expects a budget deficit of at least $2.3 billion.

- The mass layoffs have already begun, and all indications are that they will worsen over time. As usual, the Singapore economy, property market, and job market tend to lag behind the US by a few months or so, hence we will be looking at a bigger impact in time to come. For the moment, the people of Singapore are still making travel plans, buying gadgets, shopping, eating out, and such. We'll see about that going into 2009.

See also :

1. Housing slowdown may claim 800000 jobs
2. Citigroup to cut 20000 jobs and slash dividend : WSJ
3. Wall Street firms cut 34000 jobs, most since 2001 dotcom bust
4. London banks to cut 62000 jobs in mass layoffs as credit crisis worsens

(2008-10-29 18:05:43 SGT) [Biz] Permalink Comments [1]

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out