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New York workers fear pink slips instead of Christmas bonuses
Thousands of New Yorkers fear that instead of Christmas bonuses this year they will receive a pink slip, the fate of some 100,000 people already as a result of the World Trade Centre terror attack.
Thousands of New Yorkers fear that instead of Christmas bonuses this year they will receive a pink slip, the fate of some 100,000 people already as a result of the World Trade Centre terror attack.
Cedric l, a trader at an investment company near the stricken twin towers, was counting on an end-of-year bonus, which he used last year to buy a new car.
But his outlook has changed radically since September 11.
Now, instead of good bonus, I'm afraid what I'll get for Christmas is a pink slip (layoff notice), Cedric said.
Cedric's fear is shared by thousands of others, not only in New York but across the US, where September 11 terror attacks in New York and at Pentagon in Washington dealt further blow to an already fragile economy and led to thousands of layoffs.
The job losses - in September the numbers were around 200,000 - will probably be worse in October, said Merrill Lynch's chief economist Bruce Steinberg, who predicted an unemployment rate of six per cent.
I believe the US economy is in a recession, he said.
In New York - where unemployment hit 6.3 per cent in September from 5.8 per cent the month before - fallout from the terror attack has been felt across the board, but especially in hotel, restaurant and entertainment sectors.
The New York labour department estimates that some 100,000 people will lose their jobs as a direct result of September 11. Bureau Report
But his outlook has changed radically since September 11.
Now, instead of good bonus, I'm afraid what I'll get for Christmas is a pink slip (layoff notice), Cedric said.
Cedric's fear is shared by thousands of others, not only in New York but across the US, where September 11 terror attacks in New York and at Pentagon in Washington dealt further blow to an already fragile economy and led to thousands of layoffs.
The job losses - in September the numbers were around 200,000 - will probably be worse in October, said Merrill Lynch's chief economist Bruce Steinberg, who predicted an unemployment rate of six per cent.
I believe the US economy is in a recession, he said.
In New York - where unemployment hit 6.3 per cent in September from 5.8 per cent the month before - fallout from the terror attack has been felt across the board, but especially in hotel, restaurant and entertainment sectors.
The New York labour department estimates that some 100,000 people will lose their jobs as a direct result of September 11. Bureau Report