Wednesday, October 20, 2010

Where The Jobs Are: Cleveland

I want you to read (via Rust Wire) why Hamilton, Ontario is cool. It is a "I'd rather live in a Rust Belt Chic urban environment than in Creative Class Toronto" kind of story. I've written the following before, shrinking cities are the new It Girls.

Along comes this humorous paragraph from the Wall Street Journal:

New York Bankers May Want to Move to Cleveland: “A contact in the financial industry notes that employment continues to drift down, as the pace of layoffs appears to have picked up a bit lately; some financial firms are reported to be in the market for lawyers and accountants but are not hiring much in other areas. Moreover, recent weakening in revenues is said to be constraining compensation at these firms, and year-end bonuses (typically paid out in January) are projected to be lower than this past year,” the New York Fed reported. But the Cleveland Fed was more upbeat on the sector, saying “several bankers noted that they have slowly increased their payrolls during the past few months.”

I suspect Real Time Economics has tongue firmly planted in cheek. But the bit of optimism deserves a map.

The blurb from the report concerns the entire Cleveland Fed region. Regardless, finance is up in the Eastern Rust Belt and down in New York. Symbolically, it is a move from Toronto to Hamilton. The Great Rust Belt Reset continues.


Mel said...

I find that quote interesting, as we moved out of Cleveland BECAUSE there are no financial jobs there. Especially anything resembling management and long-term (we moved to Pittsburgh recently).

If the article was also suggesting there are attorney jobs in Cleveland as well, I also find this to be incorrect, as I have SEVERAL friends who moved out after college because there are no lawyer positions (including many large firms laying off long-term employees and requesting early retirements). Another friend who stuck around finally found something entry-level, after nearly three years of searching.

I think that if New Yorkers moved to Cleveland, they are in for a big surprise. And by surprise, I mean: no job -- in any real estate, financial or law-based industry. PR and marketing seems to be doing well, however.

Jim Russell said...

I figure that Real Time Economics either failed to grasp the size of the region for the report or was making a joke. Regardless, I suspect Pittsburgh is the reason for the slight uptick in financial employment.