Finance gained just 1,000 jobs last month, according to the Bureau of Labor Statistics, creeping up marginally to some 7.74 million from just slightly less than that in June. On the plus side, the securities, commodity contracts and investments area—which reflects investment banking gains or losses—nudged up just a tad to 500 jobs, while commercial banking lost 1,400 jobs and credit inter-mediation, including mortgage lenders positions, lost 700.
The news gets worse, if you look at younger workers between the ages of 18 and 29, observes Paul Conway, a former Labor Department chief of staff under the administration of George W. Bush and president of the Washington, D.C.-based youth advocacy group Generation Opportunity. Among young adults 29 and under, July’s unemployment figure was an astonishing 16.7 percent.
“Young adults are faced with the highest sustained unemployment since the end of World War II,” Conway tells eFinancialCareers.
“So long as the economy remains weak and job creation in the financial sector remains anemic, young workers seeking careers in commercial banking or related fields will continue to find it difficult to find full-time meaningful jobs,” says Conway.
“To have 17 percent of your workforce sitting on the sidelines is not good for any industry,” says Conway. Although, initiatives recently put in place by New York governor Andrew Cuomo may ease the situation for Wall Streeters.
“He’s reviewing taxes, especially on start-up businesses and reviewing regulations on licensing,” for instance, Conway observes.
The Good News
There is one real bright spot for young Americans working in the finance capital of New York City however, Conway says, in that New York State is working to make the state more friendly to businesses overall.
Governor Cuomo has started running ads saying that New York is changing how it does business. “Ironically, at a time when the federal government is seeking to increase taxes on those with the courage and means to create jobs, New York has joined other states like Virginia, Indiana and Texas whose firm embrace of principles such as less spending and lower taxes has made them more business friendly,” says Conway
. “For New Yorkers, this means more businesses will likely stay in New York and even more will be drawn to the state—for those in the finance sector on Wall Street whose jobs may be flux, this means more potential opportunity."
The new ad campaign is designed “to show the nation why New York is the place for businesses to grow, thrive and expand, creating jobs and revenue,” according to an
from the governor’s office.