U.S. securities industry added 5,700 jobs in the fourth quarter of 2010, a 0.7 percent increase from the previous quarter. Over half of the jobs created in the quarter were added in the tri-state area (Connecticut, New Jersey, and New York). The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) reported a 1.4 percent increase (3,500 jobs) in securities industry employment in those three states in 4Q’10, largest quarterly gain in the tri-state area since the 3.3 percent gain in 2Q’07.

In New York City, the securities industry gained 3,200 jobs in 4Q’10, a 2 percent improvement from 3Q’10. Despite a good quarter, for the year as a whole, securities industry employment was essentially flat (a loss of 100 jobs) as the sector continued to adapt to new regulations and business environment, while overall nonfarm employment in New York City expanded by 3.85 percent (41,800 jobs).

Securities industry employment in New York State increased by 2,800 jobs (1.6 percent) in 4Q’10, which translates onto 400 jobs lost in NYS outside of NYC. During full year 2010, NYS securities industry employment shrunk by 1.2 percent, a loss of 2,100 jobs.

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: Justyna Podziemska