U.S. securities industry employment declined by 1.6 percent in the first quarter of 2010, outpacing the overall national employment 1.2 percent decline.

In New York State, securities industry headcount declined by 7,700, or 4.2 percent; New York City lost 6,900 securities industry jobs, also 4.2 percent. The recent U.S. Department of Labor’s Bureau of Labor Statistics (BLS) noted that the previously estimated New York City securities industry 4Q’09 employment growth was revised downwards from 0.3 percent to unchanged.

The BLS release reported 3.1 percent of securities industry jobs were lost in the tri-state area (Connecticut, New Jersey, and New York) in 1Q’10,
compared to the 4.8 percent that were lost in 1Q’09.

About the Report

The securities industry employment report tracks trends of industry employment, with a greater focus on New York State and New York City giving a perspective using quarter-over-quarter and year-over-year data.

Credits

SIFMA Research

• Managing Director, Director of Research: Kyle Brandon
• Research Analyst: Maria Victoria Barba