Posted on 03/09/2012 4:30:00 AM PST by blam
Job Growth In New York City Is Blowing Everyone's Mind
Joe Weisenthal
March 9, 2012
According to WSJ, the NYC economy added more jobs in January than in any month in 23 years.
Some 31,200 jobs were added in the month, according to a seasonally adjusted analysis of new state Labor Department figures.
"It is an understatement to say that these gains exceeded all expectations," said Barbara Byrne Denham, chief economist with the real-estate services firm Eastern Consolidated, who conducted the analysis.
Here's the press release from the Department of Labor.
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In January 2012, New York State's private sector job count increased by 45,500, or 0.2%. From the beginning of the state's economic recovery in November 2009 through January 2012, New York has recouped 90%, or 290,800, of the private sector jobs lost during the state's recession in 2008-09.
Note: When comparing different months, seasonally adjusted data provide the most valid comparison; for example, December 2011 versus January 2012. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month; for example, January 2011 versus January 2012.
1) Unemployment rates (seasonally adjusted):
New York State's unemployment rate increased from 8.2% in December 2011 to 8.3% in January 2012. Over the same time period, the U.S. unemployment rate dropped from 8.5% in December 2011 to 8.3% in January 2012.
(Excerpt) Read more at businessinsider.com ...
I guess I should not FReep without my coffee yet.
That chart seems to say the opposite.
No?
True but for many places in the world, NYC is still bargain prices for them. Especially if their "dollar" has a little more purchasing power. My husband's co-workers come in from Sweden with empty suitcases and load up on brand name duds because they can get them for half the cost of basic clothes in Scandinavia. They go crazy for all those big name jeans that sell for $200 a pair because they are used to $150 for a basic pair of Levis.
I’m being real careful with credit card debt. I can’t afford too much, gotta help pay for everyone’s Prius and Volt purchases.
I guess a few savvy farmers leased out their land for fracking on the Marcellus shale......snicker.
Corrections & Amplifications:
New York’s private-sector employers added 139,400 in 2011. An earlier version of this article incorrectly said the state gained 245,000 jobs in the year.
http://blogs.wsj.com/metropolis/2012/03/08/new-york-job-growth-exceeds-expectations/
My daughter who goes to college in NYC works part time as a greeter ($30.00/hour, it’s sort of a modeling/living mannequin type gig) at the Fifth Avenue Flagship Hollister store in Manhattan says the clientele with money to spend are largely the foreign tourists - often Asians. She is grateful she has the job as she is (mostly) paying her own way through college and works hard so she is thankful for these tourists. The store would be struggling without them.
Let’s hope the Occupiers don’t come back this summer and kill all tourism. Even for those who don’t have much use for NYC - it would be a sad day if it turned into a Detroit or other failed city because it does have a lot to offer.
New York will hang on longer than most other cities when the real crisis comes.
God Bless your daughter. It is clear that you did a wonderful job raising her.
Thank you naps! She turns 20 next month (born on tax day) and I am very proud of her.
NYC has so much to offer - we live upstate in the Hudson River Valley - I wish NY and NYC weren’t so liberal!! I am very nervous about the return of the Occupiers. One of my 2L (2L = second year law student) other daughter’s boyfriend who is also a 2L - they will be 3L’s by that time, landed a summer associate position at a firm on Pine (near Wall Street) in lower Manhattan. He is just the opposite of the occupiers; hardworking, goal oriented, a true southern gentleman - I will be so angry if they cause disruptions!!
Back to topic - Sorry if I was off topic- I think this is tangential to the topic at hand - many jobs in NYC are tourist generated. The numbers in the article seem exaggerated to me, but I certainly have no facts to back that up.
You are kidding right? When the real crisis comes New York will be ‘Zombie Central’.
Does anyone really believe anything the Federal Government tells the public? I do not.
You are right about NYC being liberal but being such a great place. I love the place and I like the state too. I was born in upstate. Those occupiers are such a pain. I am in Annapolis and they just got rid of them finally. They just trash up the place literally and figuratively. I am just so glad to see your daughters and boyfriend are becoming lawyers. We need good moral lawyers to fight for what is right. I sometimes wonder what FREEPERS are thinking when they bash the profession of law because we don’t need to discourage good conservatives from going into the profession because that might be what is wrong with America right now. Too many liberals becoming lawyers instead of good Americans.
janitorial jobs, cleaning up after the Occupados?
The Big Money controls the Big Guns. NYC will probably be the safest place in America.
The big money will be long gone they are already buying themselves safe havens elsewhere. If the trucks stopped running how long before the shelves would be empty?
That's my guess. The same happened today with the monthly job numbers. 273,000 people found work, but the employment rate went up a notch because others have started looking again.
I’d like to see a chart of the NYC unemployment rate versus the value of the dollar. I’ll bet they track together.
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