40% of New Yorkers Fear for Jobs, 80% Have Cut Spending, 58% Have Lost Income/Wealth, According to New Poll

NEW YORK, Dec. 1 /PRNewswire-USNewswire/ — 40% of New York City residents fear for their jobs, while 80% have already cut back on spending, according to a new poll released today by Crain’s New York Business.

The Crain‘s poll paints a dreary picture of the city’s economy. A solid majority of poll respondents, 58%, say they have already lost income or wealth in the economic turmoil, 60% say they had a hard time making ends meet last month, and 79% say they have made cutbacks in spending because of the economic crisis.

When asked about job security, 39% said their job was “fairly insecure or very insecure” from layoffs. That’s a high number, considering that the unemployment rate in the city is still a relatively modest 5.7%.

Five years ago, when the unemployment rate was 8.4% in the city, only 20% of the respondents in a Crain’s poll said they felt their job was at risk.

According to the poll, job fears are also spread across the educational spectrum more evenly than in past downturns, when those with more education felt relatively safe. In this poll, nearly a third of those with college degrees felt their job was at risk.

A full 50% of respondents said the city is headed in the wrong direction, up sharply from 36% last year, while 59% of those surveyed said they believed the city’s economy was in poor condition, compared with 34% five years ago.

New Yorkers have also shifted their focus sharply from other problems to the economy. When asked to name the biggest problem facing their community, 32% said it was “jobs/poverty/economy,” compared with only 7% who said that was the No. 1 issue last year. Back then, the top concern was “crime/ violence/ drugs,” with 23% saying it was their leading worry.

The poll was conducted by Charney Research and Opinion Access Corp. between Nov. 21 and Nov. 24.

Full text of the story is available on crainsnewyork.com and poll results are available here: http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20081130/FREE/811309932/1046/information

About Crain’s New York Business

Crain’s New York Business provides you news, information and connections on all facets of New York through the prism of business. Crain’s is the leading source of information on the New York economy, the companies and industries that operate here, and connections between government and industry. Crain’s publishes daily news coverage on crainsnewyork.com, weekly coverage in print, and two specialized online daily reports–Insider and Pulse–providing scoops and inside information on politics and health care. Readers come to Crain’s for in-depth coverage of the many industries that make up the fabric of New York’s business community.

About Crain Communications, Inc.

Crain Communications Inc is one of the largest privately-owned business publishers in the U.S. with over 30 leading business, trade and consumer publications in North America and Europe. As an authoritative source of vital news and information to industry leaders and consumers worldwide, each of the company’s newspapers, magazines and electronic news sites have become required reading in their respective sector of business and consumer market.

SOURCE Crain’s New York Business