Securities Indusry Employment Update 4Q’06

Securities industry employment increased in December for the third consecutive month. The Bureau of Labor Statistics estimates that the national securities industry gained 500 jobs in December, up 0.1% from November’s level. Securities industry employment in New York State increased by 0.1%, or 200 jobs, and decreased in New York City by 0.1%, or 100 jobs, from November’s levels.

Monthly Statistical Review

The Dow recorded four closing highs on the way to finishing at a month-end high in January, while the S&P 500 and NASDAQ also ended January at their seventh and sixth consecutive month-end record highs, respectively. Share and dollar volume increased on the NYSE and NASDAQ compared with both the previous month and same year-earlier period. US corporate underwriting was down 31.7% from December, with bonds and equity underwriting recording monthly declines of 33.3% and 14.7%, respectively. M&A recorded another strong month, down from December’s level, but 52.6% above the same year-earlier period.

Credits

SIFMA Research

• Vice President, Market Statistics: Charles Bartlett
• Research Analyst: Paul Rainy