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New York City's securities companies in October shed 16,000 employees, when measured on a year-over-year basis, pushing the total workforce down to the level last seen September 2005, a state labor market analyst said on Thursday.
"They're showing a big year-over-year loss and are going to go on showing big year-over-the year losses," James Brown, the labor market analyst, said on Thursday by telephone.
October's workforce totaled 171,400 positions, just 300 more employees than in September 2005.
And the construction industry, which typically slows during winter, is starting to lose workers earlier than usual, posting its first year-over-year loss of 200 employees, he said.
Weakness in two other economically sensitive areas, trade and leisure and hospitality, point to a bleak Christmas season, when the city has grown accustomed to raking in extra tax dollars from local and overseas visitors.
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