New York’s economy may be on firmer ground than, say, Michigan’s, but that’s not saying much. Statewide, the unemployment rate of 8.5 percent is nearly a half-point higher than the national jobless rate. In New York City, the unemployment rate is about 9.5 percent.
So now is not the time for politicians to pass an election-year increase in the state’s minimum wage, currently set at $7.25 an hour. Hikes in the minimum wage invariably lead to fewer new entry-level jobs, and that’s something the city and state can ill afford.
• At 8:30 a.m., the Department of Labor tells us just how many jobs we as a nation lost in August. The folks on Wall Street expect America to have lost somewhere around 100,000 jobs, marking a third straight month of labor-market shrinkage. [Calculated Risk]
• Companies that make ATMs and otherwise provide Read More
So much for that narrative! Counter to the stories upon stories of an economy in freefall, people are still working; at least they are according to October jobs statistics released today by the New York State Department of Labor.
Unemployment actually fell, albeit marginally, in New York State, dropping from 5.6 percent in Read More
Exhausted by the reams of negative prognostications? At least this one, care of Grubb & Ellis, is delightfully brief.
In a one-paragraph downer, Grubb & Ellis chief economist Robert Bach tells us that the economy is in the pits, and it should only get worse. Enjoy!
The labor market has deteriorated sharply in the Read More