Employment News
Economic experts are claiming that Long Island is suffering from an “alarming” job loss rate and it will be compounded by Mayor Bloomberg’s projection on Friday of 300,000 job losses in the next two years.
“This is a big hit on the economy,” said Martin Melkonian of Hofstra University regarding Bloomberg’s projection. “It’s pretty grim on Long Island because we’re very connected to New York City.”
The number of job losses on Long Island could range from 35,000 and 50,000 in 2009 should unemployment maintain the current pace, according to Pearl M. Kamer, chief economist for the Long Island Association. The numbers are significantly higher than the 20,000 to 35,000 job cuts Kamer had expected among Long Island’s 1.28 million workers.
If the current situation continues, Long Island’s unemployment rate could hit 6.8 percent by the end of 2009.
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