Unemployment New York
New York unemployment has generally followed two main trends in the past 50 years. The one main trend is the trend toward automation and cheap labor in the manufacturing industry that severely changed the Upstate New York economy. The other main trend is the fluctuation of the financial markets which primarily follows boom and bust hiring along Wall St. Each of these two occurrences has affected New York unemployment greatly.
Upstate New York faces many economic hurdles and has really been struggling to maintain its value added for businesses since its main competitive advantage, the Erie Canal, became nullified in the early 20th century. New York unemployment has ebbed and flowed as manufacturing has made some gains in the second half of the 20th century, but generally has been in a prolonged downturn affecting New York unemployment.
Downstate, the economic capital of the world draws the highest concentration of financial jobs in the country. These jobs typically go through periods of overhiring and overfiring that correspond to the boom and bust flows of the world’s financial markets. These periods typically have significant impact on New York unemployment.
For those in the financial district, careers can usually be counted on as the cycle continues and the boom returns. Careful planning can protect workers who find themselves unemployed. For the manufacturing workers Upstate, many have been and others should seriously begin considering retaining for the technology economy. Prolonged unemployment for New York manufacturing workers is often reported.