About 1,400 have been laid off in Wall Street brokerages in March, according to a report published by the US Department of Labor.Although the numbers are not as high as analysts had predicted, still it would have an impact on New York as these highly-paid positions help in boosting the business of other sectors, such as hopitality industry and adveritisng.
New York City's unemployment rate rose to 9.7 per cent from 9.6 per cent in February, and now stands almost a full percentage point above March's 8.8
per cent rate, said the Labor Department.
The state unemployment rate was unchanged at 8.5 per cent in March, up from 8 per cent a year-ago.
The latest report says New York City has 169,500 people working for securities and commodities firms, according to Reuters.
Though not as highly paid, the information sector is another important prop of the city's economy, and this industry added 3,000 jobs, raising the total to 173,100, it said.
