Results tagged “financialsector”

Good news all around today! The unemployed will probably get another five months to choose a barrel-and-suspenders combo that doesn't make their butts look big, and a new study shows that Wall Street holiday bonuses are set to return to pre-recession levels. So everybody's happy, and there's no need for any pitchfork riots or bricks through Park Avenue windows. Go Yankees!

There's bad news and slightly less bad news in the unemployment data for August, released yesterday at a grim press conference held by Mayor Bloomberg, Governor Paterson, and state labor commissioner M. Patricia Smith. First, the bad news, if you're the kind of person who likes prosperity and abundance: The city’s unemployment rate rose from 9.5 percent in July to 10.3 percent in August, its highest level since May 1993. NYC's unemployment rate is now well above the national rate of 9.7 percent, and more than 415,000 residents are jobless. Paterson told reporters that Ben Bernanke's recent Pollyannaish pronouncement about the national recession being over "doesn’t apply to us."