Around 2,100 real estate jobs were lost in October, according to a New York City employment report from Eastern Consolidated. New York City lost 2,100 public sector jobs in total in October while the private sector lost 5,700 jobs. The public sector added 3,600 jobs, mostly at the local level.
“October’s results were so disappointing because of the unexpected losses in industries that had been so solid in the city,” Eastern Consolidated said in a statement, referring to “private education, retail and even real estate.”
While jobs in the real estate sector (which include all positions within real estate companies) have rise by 2,400 in total since December 2010, they dropped dramatically in October, by 2,100. Nationally, real estate jobs grew by 4,000 but were still down by 6,500 since February 2010. The retail trade lost 1,700 jobs in October while the hotel sector lost 100. The construction sector added 100 jobs, after losing 900 in September.
“We are not very optimistic that this [downward] trend will reverse course in the next month or two mainly because the fourth quarter has traditionally posted job losses in a number of industries, namely retail,” Eastern Consolidated said. — Katherine Clarke