Wall Street Workforce Still Needs To Shrink

Wall Street employment levels are back down to their 2005 levels, having shed another 16,000 October. The industry now employs 171,400. So that’s three years of employment growth wiped out, but come on, does anyone think that the industry has only been set back three years? We’ve seen three age-old Wall Street banks just disappear, while the remaining are fighting for their lives, drastically slashing leverage (and thus profits and thus employment).

As for the rest of New York, ugly:

Reuters: The city’s construction industry, which typically slows during winter, is starting to lose workers earlier than usual, posting its first year-over-year loss of 200 employees, the labour analyst said.

Weakness in two other economically sensitive areas — trade and leisure and hospitality — point to a bleak Christmas season, when the city has grown accustomed to raking in extra tax dollars from local and overseas visitors.

The jobless rates for New York City and New York state both slipped one-tenth of a percentage point to 5.7 per cent.

However, the labour department dismissed this in a statement as a “statistically insignificant” decline, citing another worrying sign — private sector employment fell over the year for the first time since January 2004.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In