The Wall Street Journal today is reporting that in the New York metropolitan area, employment in the finance and insurance industries declined by 8.9% between December 2006 and August 2011. New York City’s securities industry could lose close to 10,000 jobs by the end of 2012.
Not that people in the industry will be seeing any tears shed by the Occupy Wall Street posse anytime soon. Those guys blame everything from foreclosures to grandma’s cat getting caught in a tree on Wall Street. For the city’s citizens , that may be another matter.
One in eight jobs in New York City and one in thirteen New York jobs depends on the securities industry, according to the Journal.
Fortunately for the city, Occupy Wall Street hasn’t placed enough of a leadership structure in place to state its demands. Nor has it demonstrated that it plans to ask Congress to introduce any legislation that would implement any demands.