The unemployment picture seemed to have been stuck
This is because of the dramatic recovery made by the mega banks and the firms dealing with brokerage since Washington rushed to their rescue with bailout purses during 2008 fall. Huge profits have rolled in for those in New York Stock Exchange.
Since the employment picture reached its nadir last February the securities firms of New York have hired nearly 2,000 persons. It is also engaged in similar activities with contract traders and financial entities across the country. The numbers are comparatively small in proportion to the size of Wall Street but pundits feel that growth will pick up.
Rae Rosen of Federal Reserve Bank of New York said, 'I think we're seeing some hiring in anticipation of better times. Wall Street typically hires in anticipation of the recovery, and there is a sense that the economy has bottomed out and is slowly improving.'
The spike in hiring has led to cautious hopes. But it is highlighting the opposite mood in other fields where jobs continue to be elusive. Here the well paid professionals engaged in white collar streams like law are optimistic.
Since the heights of 2008 January the work force in the financial sector had gone down by over 28,000. It is now slightly more than the levels of 2003 when the technology bubble had burst. This is scene across the financial sector in America. It has gone back to the levels of late 2005. The unemployment scenario overall is close to the levels of 2004.
With the picking up of hiring in Wall Street the salary packets are beginning to look like the booming days at the higher niches. The salaries are not near to what it was in 2006 but there is still bidding for talent. Richard Stein of Global Sage said, 'Everyone thought the ice age had returned, but the thaw has come and we're in catch-up mode'. Stein informed that the corporate sector had come forward with salaries of over $1 million to 12 applicants recently.
The hiring is not localized. Mega investment banks are steadily building up their global framework. Goldman Sachs increased their work force by 600 across the globe during the first three months of 2010.