In this briefing, NY Times highlights the recently announced mass layoffs by BlackRock Inc., a worldwide investment management corporation, with over 1,000 jobs cut. The company had already stated the plan in November, intending to save $500 million over three years. The layoffs are counterproductive to any notion of an improving labor market.
In other news, the week-long reign of Eric Adams, the new mayor of New York City, marked by a hope-filled campaign, rang alarm bells when the budget for homeless services soared nearly $500 million over last year’s allocation. Adams notably hinted that crime data might mask the true impetus behind the drastic need for additional funds.
Despite the optimism surrounding Adams’ inauguration, the reckoning is already underway. New York’s grim rent prices and scarcity of affordable housing still persist as pressing concerns amidst the staggering cost of basic needs. Strikingly, with one out of every 10 American children living in poverty, Adams’ proposed education reform is a sorely needed alleviation proposal.
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