A former colleague of mine sent me a link to an article Economy Is Tough All Over, but in New York, It's Horrid that is running in the New York Times today. (Registration required.) What is most amusing to me is the picture featured with the article. That would be my former employer's logo on the wall way in the back and yes, that is my former employee cafeteria they are auctioning off.
On a more serious note, the article goes on to detail some astounding statistics to how much harder New York City has been hit by by this economic downturn. These statics just re-enforce what I said some time back about how incredibly glooming Silicon Alley has become. I've considered the entrepenurial route myself, but who would bother investing? There is no excitement. No new ventures. No pulse. The only exciting thing I've heard going on in town is some of Nick Denton's ventures – Gizmodo, Gawker, an unnamed porn blog
and The Lafayette Project. The article states:
New York City has lost almost 176,000 jobs in two years — more than the population of many cities. The unemployment rate, which in the spring of 2001 had fallen to 5.3 percent, has been climbing steadily and jumped to 8.4 percent in December.
Also of note:
New York City has gone through boom and bust before, most recently during what Christine M. Cumming, director of research for the Federal Reserve Bank of New York, described as
the long economic winterfrom 1989 through 1992. The entire region suffered then; Connecticut, New Jersey and New York State lost hundreds of thousands of jobs.
But what has surprised economists this time is that the economic carnage has been concentrated in New York City — and only New York City.
How tough is it?
Those who graduated from business school three or four years ago are in a particularly tough spot, he added.
There are very few jobs for people in that category, if they want to stay in New York.He has even had M.B.A.'s apply to be his office manager, a job that pays about $60,000 a year. He said he had received almost 1,300 r鳵m鳠from applicants.
I'm not surprised. Makes me wonder if I'm making the right choice not having packed up the family and moved somewhere else.
<p>A former colleague of mine sent me a link to an article <a href="http://www.nytimes.com/2003/02/19/nyregion/19PULS.html"><cite>Economy Is Tough All Over, but in New York, It's Horrid</cite></a> that is running in the <cite>New York Times</cite> today. (Registration required.) What is most amusing to me is <a href="http://graphics7.nytimes.com/images/2003/02/19/nyregion/19PULS.1large.jpg">the picture featured with the article</a>. That would be my <a href="http://www.agency.com/">former employer's</a> logo on the wall way in the back and yes, that is my former employee cafeteria they are auctioning off.</p>
<p>On a more serious note, the article goes on to detail some astounding statistics to how much harder New York City has been hit by by this economic downturn. These statics just re-enforce what <a href="http://www.timaoutloud.org/archives/000182.html">I said some time back about how incredibly glooming Silicon Alley has become</a>. I've considered the entrepenurial route myself, but who would bother investing? There is no excitement. No new ventures. No pulse. The only exciting thing I've heard going on in town is some of Nick Denton's ventures – <a href="http://www.gizmodo.com/">Gizmodo</a>, <a href="http://www.gawker.com/">Gawker</a>, an unnamed <q>porn blog</q> and <a href="http://www.nickdenton.org/archives/004479.html#004479">The Lafayette Project</a>. The article states:</p>
<blockquote>
<p>New York City has lost almost 176,000 jobs in two years — more than the population of many cities. The unemployment rate, which in the spring of 2001 had fallen to 5.3 percent, has been climbing steadily and jumped to 8.4 percent in December.</p>
</blockquote>
<p>Also of note:</p>
<blockquote>
<p>New York City has gone through boom and bust before, most recently during what Christine M. Cumming, director of research for the Federal Reserve Bank of New York, described as <q>the long economic winter</q> from 1989 through 1992. The entire region suffered then; Connecticut, New Jersey and New York State lost hundreds of thousands of jobs.</p>
</blockquote>
<blockquote>
<p>But what has surprised economists this time is that the economic carnage has been concentrated in New York City — and only New York City.</p>
</blockquote>
<p>How tough is it? </p>
<blockquote>
<p>Those who graduated from business school three or four years ago are in a particularly tough spot, he added. <q>There are very few jobs for people in that category, if they want to stay in New York.</q> He has even had M.B.A.'s apply to be his office manager, a job that pays about $60,000 a year. He said he had received almost 1,300 r鳵m鳠from applicants.</p>
</blockquote>
<p>I'm not surprised. Makes me wonder if I'm making the right choice not having packed up the family and moved somewhere else.</p>
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