New York's Recession Isn't As Bad As Everyone Else's!

Via the New York Times

If you were thinking of moving just because you can't pay that bagel tax with your unemployment check, don't go so fast. Because according to the New York Times, it's even worse out there. They report, "The typical New Yorker is less likely to be unemployed or facing foreclosure or bankruptcy than the average American." Marcia Van Wagner, the city’s assistant comptroller for budget said, "We have been feeling on more solid footing the last six months. If there’s no major shock, I think we’re going to have a slow, relatively steady recovery."

But while the city has been adding jobs for the past six months, we're not in the clear yet. David R. Jones, the chief executive of the Community Service Society of New York says "in some neighborhoods of New York things are not going well," and notes that there is a growing gap between the rich and the poor. The restaurant world serves as a microcosm for the gap; Steven Kamali, restaurant sale broker, says, "The 25 most-coveted restaurants in New York are doing an incredible amount of business. On the other side of the argument, what we’re finding is the local neighborhood restaurants are taking the brunt of the pain." So does this mean we're thanking the tourists or blaming them?

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By Jaya Saxena in News on August 31, 2010 5:05 PM

Comments [rss]

inoyourider

NYC does have bankers, which have gotten a lot of gov't attention lately.

Detroit isn't representative of the whole Midwest, apparently.

"Yahoo's 10 States With Ridiculously Low Unemployment -- And Why

(list only; details at source)

1. North Dakota

2. South Dakota

3. Nebraska

4. New Hampshire

5. Vermont

6. Hawaii

7. Kansas

8. Wyoming

9. Minnesota

10. Iowa"

http://finance.yahoo.com/tech-ticker/10-states-with-ridiculously-low-unemployment----and-why-535377.html

Mordicai

New York City has jobs. Jobs in the Midwest are contingent & fragile. Part of the reason your rent is so damn high is because people WANT to be here. If I got laid off, I could...look for a new job. If a dude in Detroit gets laid off, he's screwed.

exnyer

NYC unemployment stats June 9.5, July 9.4 right in with the national average. Where do these people find jobs?

Stevennnn

The New York City job market is very highly competitive. With the living costs here if get laid off your toast. Depends also what industry you're in.

Most out of towers want to be here because the media and whatever else people see on TV and in the movies paint NYC as this great place to be. Look at all those NYU kiddies. This city will eat you up alive if you're not a strong person.

Mordicai

That is why I support the media & am all for tax cuts for film crews. New York is the omphalos!

Anyhow, I will admit that my statement is fully anecdotal, & part & parcel of my stolid middle class crew.

Theodore Wirth

Duh, it's because the banksters and their Wall Street cohorts are paying themselves large with our bailout money and their job status has been golden throughout all of this. Plus, they are flush with cash to pay doormen, limo drivers, restaurants, etc., jobs that keep the rest of us peons employed.