According to an article on Time.com, New York City had one of the worst job markets in the United States along with other smaller markets such as Riverside, CA and Providence, RI. The unemployment rate in NYC has gone up even though the Big Apple added 28,900 jobs in January of 2012.
I guess this will be addressed by Governor Andrew Cuomo who has initiated a program called New York Works to create much needed jobs in NYC and also look at repairing infrastructure. All this is part of a bigger plan which has the state of New York passing a $132 billion budget. Out of this, $16 billion will be spent on the New York Works program.
I have already mentioned that NYC is one of the most dynamic job markets out there and probably the best place to be regardless of your profession or how the economy is doing. But it is indeed interesting to note that there is almost a $2 billion budget deficit.
Although 2012 will continue to be hard on the New York job market, it is expected that about 435,000 workers will be hired in the period from 2011 to 2016. The industries that will see the most of these hires will be professional and business services, education, leisure and hospitality and health care.
There has actually been a decline in the revenues and salaries on Wall Street. Additionally, the tax collections for NYC have fallen too. But financial services still constitutes a significant part of the New York economy. There will, however, be some diversification in time to come. This is exemplified by the tech boom that has hit the city. But NYC will be able to stabilize itself because of the foreign investment and the tourism that it attracts.