Wow this must be super bearish for NYC RE

"Much of that hiring is happening in retail stores, restaurants, private schools and health care facilities, said Barbara Byrne Denham."

What do you think the average annual compensation for those jobs is?

well cc, presumably those companies wouldn't be hiring if people weren't using their services, so it demonstrates the strength of the rest of economy. for example, if we were seeing the vast 'white flight' that others on here have postulated, would be seeing private schools hiring?

do you honestly believe that the empty store fronts are diminishing? I don't. and, of course, the thrust of the article is the old standby that the city is doing better than the rest of the state. so, we're setting the bar based on places like buffalo, rochester, albany and the vast stretches in between that make detroit look good?

It is saying that there has been positive job creation, and a decreasing unemployment rate. you may not believe it, but the stats are what they are. I'm not sorry they don't support your view - I am happy to see decreasing unemployment here.

"well cc, presumably those companies wouldn't be hiring if people weren't using their services, so it demonstrates the strength of the rest of economy."

hmmm... this "strength" you're talking about being the groups who actually buy the apartments making considerably less (the income fall was bigger in NYC than the state or country on last count, mainly due to wall street) and still being at the lowest number of jobs in I believe since 1993 (last article posted here)?

If thats "strong", wow, this market is grasping at straws.

"The city’s unemployment rate, which is adjusted for seasonal fluctuations, held steady at 9.4 percent in August, after falling for the first seven months of 2010"

I suppose 9.4% is better than 9.5%... but is this really what wannabuy is holding up as why prices will increase?

Because we're "only" at 9 and a half percent unemployment.

Either our perspective has been completely warped, or this is one of the funniest things I've heard on this board in a while.

9.4% unemployment... "strength".

Next up, the buildings aren't falling down, so the market is "strong".

Much of that hiring is happening in retail stores, restaurants, private schools and health care facilities

yeah, they'll be buying apartments.

"Surprisingly, financial services was one of the industries that employed more people in the city last month than it had a year before, Mr. Brown noted. That gain, though it amounts to just 500 jobs, reflects how quickly Wall Street and the rest of the financial sector rebounded from the crisis that led to the collapse of two of the city’s biggest investment banks, Bear Stearns and Lehman Brother".

the fact is wall street had been the job creator for NYC for much of this year and late 2009. the rest of the nyc economy is starting to reflect that.

http://www.businessinsider.com/wall-street-banks-hiring-en-force-offering-killer-incentives-2010-6

just type in "wall street hiring again" into google and you'll have plenty of articles going back to sept '09 saying the same thing.

actually the most bullish part of the ny times article is the increase in construction hiring

You say potato..

US banks braced for further bad news

http://www.ft.com/cms/s/0/6655a4b8-c1bc-11df-9d90-00144feab49a.html

"Big US banks are nearing the end of another disappointing quarter for their trading businesses that has deepened fears over job losses on Wall Street.

The first two weeks of September failed to deliver a meaningful pick-up in trading activity on markets, hitting bank profits at a time when they are already under pressure from a sluggish economy."

Sept 16

New York "State’s Unemployment Rate Ticks Up by 0.1% to 8.3%"

"New York State’s seasonally adjusted unemployment rate increased from 8.2% in July 2010 to 8.3% in August 2010. The number of unemployed New York State residents grew from 796,000 in July to 801,400 in August 2010. The statewide labor force rose by 500 over this period.

“The recovery in New York State’s labor market slowed somewhat in August as we only added 2,500 private sector jobs over the month. In addition, our statewide unemployment rate increased from 8.2% to 8.3%, but remained well below the nation’s rate of 9.6% in August,” said Norman A. Steele, Deputy Director of the Division of Research and Statistics."

Change in Jobs by Sector,
August 2009 - August 2010
Sectors with Job Gains:
Leisure & Hospitality +24,600
Educational & Health Services +18,000
Other Services +17,400
Professional & Business Services +12,300
Natural Resources & Mining +200

Sectors with Job Losses:
Government -65,800
Trade, Transportation & Utilities -8,800
Manufacturing -5,300
Financial Activities -4,400
Construction -3,700
Information -2,000

"New York City’s rate remained unchanged at 9.4% between July and August 2010."

http://www.labor.ny.gov/stats/pressreleases/pruistat.pdf

"Financial Activities -4,400" uh oh...