It’s like the 2008 financial meltdown all over again - only worse.
The New York Post reports that New York state will lose hundreds of thousands of well-paid back-office, finance, tech and manufacturing jobs over the next 48 months, according to new data reviewed by the newspaper.
But instead of Wall Street in free-fall, this job loss is caused by slow growth, labor-saving technology and lower-cost competitors overseas and out of state.
New York has recovered all the jobs it lost during the Great Recession. But these replacements are lower-paying jobs just above minimum wage and with reduced benefits, analysts say.
'I know one very profitable company in New York that’s not replacing staff once employees quit or retire', Honorio Padrón, principal at The Hackett Group, a global strategic advisory firm, told The Post.
New York is at the epicenter of a wider bloodbath - a staggering 1.85m back-office jobs projected gone from North America from 2002 to 2017, hundreds of thousands of them in New York, according to new research by The Hackett Group. Blame it on offshoring and economic fundamentals like tepid growth and technological efficiencies, it says.
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