The economy of New York is so immense and diverse that it really follows the economy of the US as a whole.  All sectors are very well represented; especially the business and financial sector, and help to create some insulation for other sectors when one has a particularly bad year or during times of recession and economic hardship.  The city itself is definitely feeling the effects of the recession as foreclosures and layoffs mount, but the economy of this classic city is so huge that many of these loses are negated by gains in other sectors.  The labor resources will always be in oversupply in New York, but the jobs are there, if you know how and where to look.

Much of the job losses taken by New York have come in the business and financial sectors.  There are myriad companies that have their headquarters in the city and they haven’t been faring so well, especially with the downfall of the real estate market and the economic and credit crunch that started back in 2007.  The official numbers show that New York’s official unemployment rate is still below the national average and currently sits at around 8%-9%.  This can be attributed to the fact that the city’s economy is so diverse.

New York still remains one of the east coast’s most important sea ports.  The city is also home to the busiest airport in the nation, and has multiple international ports of entry.  It’s often referred to as the financial hub of the western hemisphere, and has quite a bit of clout in the financial world in terms of policy making and affecting the global economy.  The sheer volume of daily trade and capital that flows through this financial and transportation hub is mind-boggling, and likely represents many US cities worth of commerce.

Job cuts in New York happened rather quickly after the onset of the recession and have slowed down dramatically, and will likely show a gain in jobs sometime in the first part of 2010.  Surrounding counties have slightly higher unemployment rates, possibly reflecting the fact that New York is a center for job resources and economic wealth.  The rest of the state weighs in about a percentage point higher than New York proper when it comes to the unemployment rate.

New York will pull out of this recession more quickly than many other US cities.  The diversity of the economy, huge wealth of labor and educational resources, and the optimistic, “go get ’em” attitude embodied by many of the city’s most successful entrepreneurs will all have positive effects on the speed at which this city can dig itself out of economic hard times.

The city is home to so many sports and business world heavyweights that it’s hard to imagine that New York will lag in a recovery.  Its economy remains a pillar of strength on the eastern seaboard and is a testament to the human spirit and drive to succeed.  It’s an excellent example of the classic New York-inspired phrase, “if you can make it here, you can make it anywhere.”