White-Collar Unemployment Grows in New York

From The Times‘ City Room: “Well-paid professionals like lawyers and architects are joining the rapidly expanding unemployment rolls in New York City, according to a new unemployment study. The report, released by the Fiscal Policy Institute, shows that the effects of the financial crisis have spread well beyond Wall Street to other white-collar jobs, as well as construction, retail and service jobs. The number of white-collar workers outside the financial industry receiving unemployment checks has increased by more than 40 percent and the number of college graduates collecting benefits is up by 50 percent in the city since last year, the report shows.”

The jobs market, of course, has profound effects on local real estate, particularly the rental apartment market and the office-leasing market.

White-Collar Unemployment Grows in New York