“Wall Street Must Recover Before City Can Overcome Recession, Economists Say.”
That’s the headline over Patrick McGeehan’s NY Times article Wednesday about an interview with economists at the Federal Reserve Bank of New York. He repeated this message in a follow-up story on unemployment rates on Thursday.
What are the prospects for a Wall Street recovery? Not good, according to McGeehan’s sources at the Fed.
Quoting one of them, Fed regional economist Rae D. Rosen, McGeehan reports that “Wall Street still appears to be shrinking. The latest figures from the State Labor Department showed that the number of jobs in the city’s securities industry declined by about 2,000, or 1 percent, in February, while most other sectors were adding jobs.” Continue reading