NYC-WTC_000195490

NYC 9/11 Public Portal Document

i di; business services. This represents SERVICE SECTOR: CYCLICAL VS. NON-CYCLICAL of less than half of 2000’s gains. Employment In the service sector Is expected to slow In 2001 and yc Growth in services will slow even 2002 after growing by 4.5 percent per year for the past 3 years. er ' The drop will come from ths cyclical components of the service more in 2002 with only 18,000 new ; sector, which Include business services end legal services. pt jobs added, as the cyclidal 12% components of the sector - business ; ^’clical Service Components Faneaal B' a services, legal services and 8% ••Nati-Cyclical Service Components X consulting and management services th w — weaken. The non-cyclical 4%

I Ej components, including medical nt services, social seryices and educational services, however, will 0% T ■ 10

it ! continue tp expand. With the elimination of many e-tailing companies,/growth in trade will slow i ■4%

-8% 11! rii

ot I; to 5,000 jobs in 2001 and contract by ot 2000 jobs in 2002. TCPU and Li P< J construction are expected to have -12% --------------------------------------- —-------- -I----------- b( modest average gains in 2001 and 81 83 85 87 89 91 93 95 ^7 99 01 03 05 sc 2002 of 3,00Q and! 5,000 jobs, th respectively. The national 11 manufacturing recession will continue to take its toll on manufacturing, with an average of PROFITS, SECURITIES EMPLOYMENT AND FIRE WAGES sf 8,000 jobs eliminated per year in The slowdown In the U.S., coupled with a stock market correclion, leads th , to a sharp decline In NYSE msmber-firm profits In 2001, a decline m 2001 and 2002. of FIRE sector wagos and a outback In securities employment. --------------- .40 bj 25 IN I

I; In addition to the deteriorating conditions in the national I economy, employment ih the City will also be impacted by a significant fall in Wall 20 ■ NYSE Mtmber-Fim Profits, Scale •— FIRE Sector ^age Rate, Right Scale ” Securities Empiaynenl, NYC, Right Scale ,, Foncail

111. I 32 1 ra la IK as Street profits from $21 billion in 2000 to $5.5 billion in-2001. The 15 S iSHiSS “I in

1 '! It FIRE sector is expected to lose 16,000 jobs'-from 2001 through 2002 Q3. Specifically withih FIRE; securities employment is expected to s .s 10 .A im.'h 16

8 I ( $( sx st ni f I; fall by alniost 10,000 over the same ■ 5 ei period. Given, the high wage in the 0 FIRE sector, a loss of this magnitude ; c Id i; will have an adverse effect on the oLm ■1-8 hl other sectors of the economy, with ' 93 95 97 99 01 03 o: an additional 16,000 jobs lost in fc these other sectors. ra O’ In 2003-2005 job growth picks up, though at a moderate rate. The service sector increases by an di average of 34,000 jobs per year. Trade is forecast to grow just over 5,000 jobs per year while TCPU and construction add 2,000 and'5,000 jobs per year, respectively. By 2004, FIRE is expected to resume growth 2. . I ' ' ' ' I 26 (

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