Last Wednesday, the Independent Budget Office lowered its employment-loss estimate by 5 percent, though that still means 254,500 New Yorkers could lose their jobs between now and the middle of 2010, Workforce reported. Professional and business services (which includes advertising) could lose 67,100 jobs, or 11 percent of those employed in those industries in NYC.
So far, analysts aren’t sure what’s causing the slowing job losses. A senior economist at Moody’s Economy.com, Marissa Di Natale, says it’s a “mystery.” She says federal stimulus money could be contributing to the good news, but the numbers could be skewed by laid-off employees who are receiving severance, and are therefore not counted as unemployed.
New Yorkers, how’s it looking up there for you?