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Wall Street Restructures; Will Commercial Market?

NEW YORK CITY-The financial services employment base has lost mass over the years, but some see encouragement in jobs gains in other sectors.

By Cody Lyon | Updated on November 10, 2009

NEW YORK CITY-This past Friday, the Bureau of labor Statistics released its Employment Situation report for October. According to the report, the number of unemployed Americans increased by 558,000 that month alone, bringing the national total of those without work to around 15.7 million.

Official numbers from the state’s Department of Labor released on October 15 show five-borough New York City unemployment at 10.3%, up from 10.2% in September. As the numbers show, the most dramatic job cuts appear to have occurred between November 2008 and April 2009.

In New York City, the current crisis has led some to speculate that the city’s financial services industry may be in for a permanent restructuring which could mean further uncertainty in the commercial real estate office market. Meanwhile, the downturn has led local political leaders to call for greater efforts at economic diversification. Still others hold on to optimism, saying not only that Wall Street will recover, but also that it will bring New York City and its commercial market back to the highway of recovery.

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