Meltdown

Major Job Loss in NYC, LA

First the good news–if you live in Ithaca, breathe easy! The frigid college town is one of just five metropolitan areas expected to avoid a net loss of jobs in 2009, according to a forecast commissioned by the U.S. Conference of Mayors. The rest of the country is not in such good shape, however, with New York City expected to lead losses in 2009 with a projected decline in its finance-heavy workforce of 181,000. In Los Angeles, where the foreclosure crisis is hitting residents hard, some 164,000 jobs are projected to disappear. In certain major cities, like Cleveland and Detroit, unemployment could top 10 percent.