On Wall Street they are hiring...

With many industries and other parts of the nation having trouble when it comes to job creation, one of the "bad guys" as far as who we like to blame for a good part of our economic woe, is hiring. Yes, Wall Street is hiring. This leads to some interesting pondering, if the financial wizards of Wall Street are hiring then are the doom and gloom estimates of the government that the recession is far from over correct?

“I think we’re seeing some hiring in anticipation of better times,” said Rae Rosen, a regional economist at the Federal Reserve Bank of New York. “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 increase in hiring and cautious optimism stand in sharp contrast to the mood among workers in other fields, where jobs have been slow to return or are disappearing altogether. Since June 2008 the number of jobs has shrunk by nearly 14 percent in manufacturing and by 22 percent in construction, but only by 8.5 percent in the financial industry nationwide.