NYC Unemployment Hits 10.3%

Banks and brokerages make with the hiring

(NEWSER) - Who says the job market’s in trouble? Not Wall Street, which after nearly two years of layoffs is in the middle of a bona fide hiring boom. Though the number of financial employees in New York fell by 2,800 in February, that loss comes after two straight months of gains, and many firms say they’re planning to hire more in the near future. More»

(NEWSER) - The Federal Reserve is confident the general economy is turning around but still pessimistic on the jobs part, the Wall Street Journal reports. In June meeting minutes issued today, those gathered agreed that data since April “indicated that the economic contraction was slowing and that the decline in activity could cease before long.” But “most participants anticipated that the employment situation was likely to be downbeat for some time.” More»

$10M government program trains new agricultural force

(NEWSER) - As their country struggles with its worst recession since World War II, many Japanese city slickers stymied by the job market are trying out the farming life, the Wall Street Journal reports. Aiming to rejuvenate an industry in which two-thirds of full-time workers are 65 and older, the government has initiated a $10 million program to train 900 people in farming, forestry, and fishing. More»

(NEWSER) - The recession is hitting elderly workers much harder than in the past, thanks to an increase in the number of older workers—especially those over 75—and a severe shortage of jobs, the Wall Street Journal reports. In past recessions, these workers just retired; now, they're scrambling to find a way to pay their medical bills and mortgages. "Who is going to hire an 81-year-old man?" asked one unemployed bartender. More»

State may lose $1B in tax revenue

(NEWSER) - Wall Street firms still dished out end-of-year bonuses in 2008, but they were a lot smaller. Cash bonuses fell 44% from the year prior, from a total of $33 billion to $18 billion, Reuters reports. That drop may take $1 billion in tax revenue from New York state, which is already anticipating a potential $15.4 billion deficit. Ailing financial firms also shed 19,000 jobs, 10% of New York City's financial workforce. More»