New York Post:
It’s like the 2008 financial meltdown all over again — only worse.
New York state will lose hundreds of thousands of well-paid back-office, finance, tech and manufacturing jobs over the next 48 months, according to new data reviewed by The Post.
But instead of Wall Street in free-fall, this job loss is caused by slow growth, labor-saving technology and lower-cost competitors overseas and out of state.
New York has recovered all the jobs it lost during the Great Recession. But these replacements are lower-paying jobs just above minimum wage and with reduced benefits, analysts say.
“I know one very profitable company in New York that’s not replacing staff once employees quit or retire,” Honorio Padrón, principal at The Hackett Group, a global strategic advisory firm, told The Post.