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Soothsayers On NYC's Economy

2009_08_clouds2.jpg In its fall preview, New York magazine has assembled five different people—professors, economists, etc.—to give their thoughts on the future of NYC's economy—and it's helpfully arranged like a weather forecast, from "Those Clouds Still Look Ominous" to "Do I See Some Sun?" Here's a little from "The Storm’s Not Over Yet" prognosis (aka, glass is more half empty) from Independent Budget Office director Ronnie Lowenstein, "We’re expecting the city to lose a total of 250,000 jobs, and we’ve lost about half of that at this point. We are anticipating that we will continue to shed jobs through the second quarter of 2010... The financial sector is continuing to lose jobs, and because that remains the main driver for the local economy, that means nearly all of the other sectors of the local economy are shedding jobs as well. Credit remains very tight, and there’s a huge glut of unsold apartments, and that’s causing construction employment to plummet." Okay, let's just think about how the weather is nicer.

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Comments [rss]

  • MrManhattan

    "The financial sector is continuing to lose jobs, and because that remains the main driver for the local economy"

    Maybe we should give this driver a Breathalyzer??

  • mickeyfick

    Eesh. Want to lift your spirits? Check out my original comedy web series, HARD TIMES, about two unemployed friends in New York City.

    www.youtube.com/livingboyprodu...

  • nicemarmot

    I got laid off today! Go shitty economy!

    I'd be way more upset if my job hadn't made me want to hurt myself. Now I'll just starve to death instead of killing myself.

  • Outter Burrougher

    sorry to hear that, good luck

  • Kojak

    That's strange since I keep hearing that the banks are actually hiring again.

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