Recession Hitting Long Island Job Market Hard
Highly-regarded Long Island economist, Pearl M. Kamer, provided some more insight about the extent of the Long Island recession in a New York Times article published March 12, 2009, entitled, “Feeling Stung by a Layoff; Sowing One’s Own Hope,”
“The reason this is not your usual recession is that it’s hitting everybody; no one is safe in their job,” cautioned Pearl M. Kamer, the chief economist for the Long Island Association, a nonprofit group that monitors the health of the business sector.
“It’s the end of the economy as we know it,” added Ms. Kamer, speculating that between 35,000 and 50,000 more jobs — on top of 24,100 private sector jobs lost last year — will disappear on Long Island before the economy hits bottom. “Employers are in survivor mode: they’re shedding employees, not hanging on to them.”
The New York Times article profiled several Long Islanders who had lost their lost long-time jobs. She suggested that these Long Islanders and others be prepared for the contagious aspects of the “economic Armageddon,” as the Times reporter referred to our economy.
Ms. Kamer said that as of January, 102,200 people were out of work on Long Island, a drastic increase from the 68,800 unemployed a year earlier.
I previously detailed some of Ms. Kamer’s comments about the Long Island economy in one of my posts last month, Long Island Economist Predicts Prolonged Long Island Recession .