A broad array of businesses across the New York region have begun eliminating jobs by the thousands as the pain of the financial crisis spreads well beyond Wall Street, according to a report in the New York Times.
The report said companies including Yahoo, American Express, Time and Swissport Cargo Services at Kennedy International Airport say they are preparing to lay off employees, including online ad sales representatives, magazine editors and baggage handlers. Economists and labor-market analysts predict that the cuts will be part of a large wave of pink slips that is expected to drive up the city's unemployment rate and strain the state's unemployment insurance fund.
In the week that ended Oct. 11 � the latest week for which data is available � New York led all states with an increase of 5,224 first-time unemployment claims.
Law firms are shrinking and publishing companies, which employ about 54,000 people in the city, announced layoffs of about 880 employees this week. Other service businesses, like consulting, catering and tourism, are almost certain to follow suit, said James Brown, who analyzes the city�s job market for the New York State Department of Labor.
(Source: NY Times)
http://www.theyeshivaworld.com/article.php?p=25165
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