nyc has high un-employment but it may not matter to much (how much, home)
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i recently read an article in the new york times that brought up some very valid points about why nyc has weathered the economic downturn in nyc better than the rest of the country has and probley will continue to do so..
our property values fell a fraction of the rest of the country and our economy in nyc still seems to be chugging along.
it seems nyc has always led the rest of the country with higher unemployment rates for the last 30 years.
the reason? nyc seems to attract and contain more un-educated folks than anywhere else.
our social services, public transportation , urban ethnic communities ,etc all contribute to us having an influx of un-educated immigrants and the less well off here.
nyc has 21% of its available workforce made up of high school drop outs.
now heres the interesting part. un-employment in nyc is over 16% for high school drop outs vs 4.8% for those with college degrees.
thats an amazing spread and it shows the fact is those that earn the most,spend the most and most likely own a home or will buy a home are still employed and keeping our local economy going .
in other areas of the country the educated unemployed as a group is pretty high and those areas have fallen to reflect that fact.
interesting concept and i guess the proof is in the pudding because overall nyc and its boroughs havent been hit as hard..
You bring up a couple of point's about the socalled unskilled labor market .The work that i'm in is part of the socalled unskilled labor pool and you find most of the people who i work with have some formal or college level education .
But in my line of work there is no college or degree program to learn the job is basically alot of On The Job training and that takes time to learn the business .
This is my personal thinking on the subect of hiring college grad's and no one else..To me it seams that the more the higher level of education you have the less common sense you have in your life about how to do some of the socalled basic thing's that a person need to be able to figure out on there own
There are lots of folks who have not completed high school who are amazing craftsman or have been successful so its no refection on them from the angle of their capabilities.
The fact is the college diploma has now become the old high school diploma and is only the entrance pass and filter to even many low level jobs today.
Without a high school diploma for the most part its tough getting hired unless your well skilled in a trade and thats what the numbers are reflecting.
without at least a igh school diploma today its tough even getting to first base to demonstrate you have the skills and ability.
Last edited by mathjak107; 01-04-2012 at 09:30 AM..
it seems nyc has always led the rest of the country with higher unemployment rates for the last 30 years.
interesting concept and i guess the proof is in the pudding because overall nyc and its boroughs havent been hit as hard..
I find a conntradiction in those two sentences mathjac. I general "getting hit hard" and high unemployment go hand in hand by my way of thinking.
Just because CEO's have seen their wages double is no indication that NYC has weathered the downturn/recession/Depression well. A LOT of people are suffering but they are rarely the subject of CNBC's financial converage.
Remember, a king and his dukes and earls ALWAYS live well, even as the peasants are dying in the street.
the problem most of the country has is their college grads are unemployed so the folks who tend to have the highest incomes to spend are out of commission. nyc still has that group gainfully employed and thats what just may be saving us.
The premise of this thread is wrong to begin with. NYC doesn't have high unemployment, sure 8% is high.... but its still lower compared to the country average. In fact, throughout this recession NYC unemployment rates were always lower than US average.
Nyc has been higher than the rest of the country for the last 30 years for the most part . Its the make up of our un-employment that saved us.
actually we are doing better than the rest of the country this downturn which is being attibuted to the low rate of unemployment among our college grads.
Last edited by mathjak107; 01-12-2012 at 07:10 AM..
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