Monday, June 3, 2013
Economy: Want A Job? Come To New York
This is the message from a new study published by the Federal Reserve Bank of New York. Their researchers Jaison R. Abel and Richard Deitz show in a recent staff report "that looking for a job in big cities, which have larger and thicker local labor markets (that is, bigger markets with many buyers and sellers), can give workers a better chance to find a job that fits their skills" (libertystreeteconomics). The economists constrained their study to college graduates, but it seems to me that their results also work with other qualities.
The researchers explain that "big cities have more job openings and offer a wider variety of job opportunities that can potentially fit the skills of different workers. In addition, a larger and thicker local labor market makes it easier and less costly for workers to search for jobs". They also found out "the larger and thicker local labor markets of big cities appear to help college graduates find better jobs by increasing both the likelihood and the quality of a job match".
New York City is the largest metropolitan area in the U.S. Hence it should have the most job opportunities of all U.S. cities. The metropolis agglomerates a lot of companies in branches like finance, law, advertising, publishing, fashion, internet media (for instance Tumblr) and more. Job seekers can easily reach potential employers by subway which significantly reduces the costs and time of job seeking.
Welcome to New York City.