NYC Recession Turning Out Better Than Expected
“The gathering consensus is that the recession is nearly over in the city and, largely because of the enormous amount of federal aid poured into the big banks, the toll on New York will be much less severe than most had feared. Not only will the job losses in the city fall far short of…
“The gathering consensus is that the recession is nearly over in the city and, largely because of the enormous amount of federal aid poured into the big banks, the toll on New York will be much less severe than most had feared. Not only will the job losses in the city fall far short of the recession that wracked the metropolitan area in the early 1990s, economists and analysts say they will also not measure up to the losses in the shorter, shallower recession that surrounded the 9/11 attacks.”
— NY Times
Healthcare and insurance are hiring. Damn them.
“Five years ago, there were 12,000 to 13,000 unionized workers on 7th Ave. Now there are 4,500 to 5,000.”
I wonder what drove the industry offshore for manufacturing???
Fashion is NY’s second largest industry behind finance. At mid-century, 95 percent of the clothes sold in the US were made in the US. Now 90 percent of the clothes sold here are made offshore. Five years ago, there were 12,000 to 13,000 unionized workers on 7th Ave. Now there are 4,500 to 5,000. Obviously, not everyone in the industry is unionized, but it gives you some sense of the scale of job loss.
Not one of them ever presents any facts nor has an original thought.
——-
what does that even mean? do the bullish arguments present original thoughts? show me one?
“It’s so awesome how they solved all our economic woes by simply printing, spending, and giving away hundreds of billions of dollars.”
Most of which are still out there circulationg and multiplying the money supply. Many of them have wound up as deposits on the books of the banks so, they are sitting there, waiting, to be put to use, invested and driving the economy.
most people are afraid to invest. That will change soon and when it does there’ll be a torrent of money chasing capital equipment and other assets, hard, soft and paper.
The stock market rally last year was only the tip of the iceberg…the money seeking risk. Most of it sits.
It’s so awesome how they solved all our economic woes by simply printing, spending, and giving away hundreds of billions of dollars.
Long live the real estate bubble! The party ain’t over yet.
Kens – interesting point, I guess I thought though the fashion world which had been riding the high horse for YEARS had started to succomb to what other industries had experiencing for a decade plus
gotcha on the job front!
Legal industry also shrinking.
DIBS, the apparel industry and apparel retail have contracted 20 to 30 percent. But the companies have trimmed their inventories back, so they are now profitable again. Hence the stocks are doing fine. But as far as size goes, they’ve contracted.
What I see now is that people with college degrees have a hard time getting jobs, especially if they’re over 40. Before, it was people with high school diplomas who had a problem. This is new. It’s very scary.
be rude –
I’m just saying that Mr. B is putting a positive spin (as he usually likes to do) with “NYC Recession Turning Out Better Than Expected”. It’s like, NYT says “bailout softens the blow” and Mr. B. says hey, look the recession is going great! Maybe just because it increases traffic and clicks to stir up the the battle between the doom and gloom all the time bears vs. the Pollyanna perma-bulls on this blog.
I don’t disagree – it’s a good thing that prospects look brighter now than they did a year ago.