2008_10_wslo.jpgToday, the NY Times looks at how layoffs are beginning at a "broad array of businesses across the New York region." Basically, it distills everything you've been hearing, thinking and fearing.

One data point: For the week ending October 11, "New York led all states with an increase of 5,224 first-time unemployment claims." The job reductions are not only at Wall Street firms, but at law firms, publishing companies, digital media, construction, and more. Conde Nast just announced a 5% cut of magazine staffs, which, the Observer reports, "will affect every title, including the company's most successful."

Another data point: For the first nine month of 2008, the Times reports "60,000 New York City residents collected unemployment checks"--an increase of 7,000 (13%) over the same period in 2007. The CEO of Alleycorp, Kevin Ryan, says of online businesses, "Already, a lot of conversations about consolidation are happening," and believes more layoffs--in advertising and retail--"will come in January."

The Times has an interesting graphic showing unemployment, 2007 vs 2008, in different industries. And over the weekend, the AP had a story about Wall Street workers leaving the city for smaller firms in places like " Florida, Chicago, Milwaukee, Virginia and Asia." A headhunter said, "I'm noticing that people are willing to work places that they would have hung up on me if I had suggested it a year ago."

Update: American Express announced it's cutting 10% of its global workforce (about 7,000 jobs) in 2009, in order to lower costs by $1.8 billion.