Recession damage? It's bad. Real bad.

>> Recession damage? It's bad. Real bad. New report tracks record declines in local wages (-4.8%), income (-2.7%) and consumer spending (-8.6%) following last fall's financial system collapse. http://www.crainsnewyork.com/article/20090916/FREE/909169990/1097 Job losses have been spread evenly across the state, with declines of about 3% in every major region, including New York City. FPI also... [more]

>> Recession damage? It's bad. Real bad. New report tracks record declines in local wages (-4.8%), income (-2.7%) and consumer spending (-8.6%) following last fall's financial system collapse. http://www.crainsnewyork.com/article/20090916/FREE/909169990/1097 Job losses have been spread evenly across the state, with declines of about 3% in every major region, including New York City. FPI also reports that the job losses have hit just about every sector of the economy (though education and health care have held up relatively well), with the steepest drops coming in manufacturing, administrative support services and finance and insurance.... FPI estimates total wages paid in the state will drop by 4.8% in 2009 and total personal income will fall by 2.7%. The drop-offs have driven down consumer spending in the state by 8.6% in the 10 months following last September's financial industry meltdown. [less]