NYC unemployment spikes to 10.6%

yep, i was just reading about it from hte nyt. would love to find info about how many are not unemployed cause they stopped looking, that's holding the rate down.

what's the U6 for NYC?

Since local employment peaked in August 2008, the city has lost 142,900 jobs, including 136,000 in the private sector, the Eastern Consolidated report shows. That's 3.8% of the city's total.

But the near-4% drop in the total job ranks is far less than seen in the last two recessions. In those downturns, the city's losses outpaced the nation's, with an 11.2% local employment drop in the early 1990s and a 6.5% falloff in the early 2000s, according to Eastern Consolidated. This time around, Gotham has been hit less severely than the country as a whole.

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imho is due to bailing out wall street and the fact that public unemployment is lagging cause the cuts had been delayed (bloomberg's reelection and expectation of tax $ from wall street bailout). public sector job destruction is coming for sure imho given the huge deficits facing NY state and NY city.

lets also not forget the stimulus.

Its funny (not ha ha funny) that we have double digit unemployment, and folks are pretty sure its still undercounting...

Isn't it also funny how people just say that unemployment rate is a trailing economic indicator and pretend all is looking up, but not recognize that foreclosures trail extended unemployment... How can anyone still believe that RE prices will not fall further with a 10.6% unemployment rate.

I think ur gonna see prices start to adjust after todays news. its still gonna take sometime, but we are unquestionably going lower. the hamptons are gonna get rocked

prices are plummeting....just wait until the shadow inventory hits the market....correction of 70% by the time this is all over...

James Brown, principal economist for the NY labor department, does not expect unemployment trending down month to month 'until the second half of 2010 at the EARLIEST.'

the godfather of soul is prognosticating from the hot tub in the sky.

My car was brpken into today so I contributed $300 to the local economy to get the window fixed. Will that help? By the way the cops said they were too busy to file a report for something so minor. Besides as the police budgets are cut, reported quality of life crimes will go down.

bystander, a few years ago my husband lost his cell phone. someone found it and charged over $1500 on the bill, for which we were liable. i filed a report with the police, the case was closed within a day. there were hundreds of phone calls, my husband had already figured out which ones belonged to the culprit, but the police couldn't have been bothered in the slightest. i really wonder how that crime showed up in the statistics, although technically it was grand larceny.

but i guess they were busy. this wasn't really "crime."

By contrast, my wife's purse was stolen about two years ago. Wallet, cell phone, etc. Perp charged some small ticket stuff (dumbass perp fortunately) and made some calls from the phone. The desk officer at the precinct and two detectives spent time with us. They got surveillance video from places where the perp bought things and checked into the phone numbers. Arrest within a week; charged with multiple similar crimes, fairly petty; couple years in the can. We even got the phone back b/c perp had it on her when the police caught up with her. Just sayin', NYPD knows what they are doing.

sls, great. lovely. NYPD knows what they're doing, but let my case close in a day. right. you probably got better treatment because of the credit card fraud. the credit card companies have some clout. and btw, it's much better if they charge bigger ticket items, they're much more likely to be caught, the police are more likely to be on it, and it doesn't matter to you in the slightest since you have a very low personal liability level in that instance.

so, you're saying i'm just making up my $1500 case? just sayin'.

credit card companies don't actually seem to care. I've had reps basically say its not worth their time to pursue (this was on an identidy theft case), they just write it off...

The Manhattan District Attorney's office seems to have a special love for clogging the court system with the most trivial credit card / identity theft cases ... at a cost that has to way outweigh the cost of the crime.