Trying to find a new job is almost as traumatic as losing the old one.
That’s what thousands of desperate New Yorkers are discovering with the national unemployment rate at a 14-year high of 6.5 percent – and rising.
So many people are out of work, parties for the jobless have sprung up throughout the city, including one last Wednesday, when laid-off financial-sector workers crammed into the TriBeCa bar M1-5 for a second Wall Street Pink Slip Party.
This Wednesday, unemployed journalists are expected to pack the East Village’s Ella bar to network and commiserate over pink vodka drinks.
The New York Post talked to five out-of-work professionals who have agreed to let us track their job searches.
They include a magazine features editor, a recently graduated lawyer, an investment banker, a sales manager and a financier.
Every Monday, we’ll check in on their progress.
Paige Ferrari
Age: 26
Resides: East Village
Education: BA, Claremont McKenna College; MS, Columbia University Graduate School of Journalism
Last job: Features editor, Radar Magazine, 1 1/2 years
Previous salary: $35K to $45K, with benefits
Rent: $1,000
Ferrari worked at Radar, a glossy monthly with a celebrity focus, until it folded last month, leaving her with just two weeks’ severance pay.
She’s searching for jobs on Mediabistro.com and the Columbia Journalism School career Web site. But she’s found that many job openings are only “advertised” through word of mouth. So far, Ferrari has had five interviews and sent out about 15 résumés.
“Everything everyone is reading is doom and gloom, so there is a lot of anxiety about the job market,” she said. “There are positions out there – people still need editors, writers and reporters – but now, there is a surplus of very talented and qualified people looking for the same jobs.”
Hilary Bauer
Age: 26
Resides: Midtown
Education: BA, Tufts University; JD (Juris Doctor), Brooklyn Law School
Last job: Pro bono ADA, Kings County, three months
Previous salary: $0
Rent: $1,900
After graduating from law school in May 2007, Bauer has struggled to find a job. She’s sent out at least 50 résumés and has had countless interviews. Lately, she’s worked with headhunters and sends out an occasional résumé online.
“When I went to law school, I never dreamed it would be this hard to find a job. It’s very scary,” she said.
David Speyer
Age: 25
Resides: Murray Hill
Education: BS, Indiana University
Last job: Analyst for client portfolio manager at JPMorgan, 11⁄2 years
Salary: $80K to $100K, with benefits
Rent: $1,550
Intimidated by the limp job market, Speyer has worked even harder to find work and has already sent out about 100 résumés. So far, he’s had three interviews.
“It’s not a complete mess yet. It just seems like there aren’t a lot of jobs out there, but a lot of résumés,” he said.
Ramon Suazo
Age: 37
Resides: TriBeCa
Education: MBA, Dartmouth College, Tuck School of Business
Last job: Vice president, HSBC Securities, 1 year
Previous Salary: $350K to $400K, with benefits
Rent: $1,000
Suazo was laid off in March when his department was downsized from 85 people to 15. He has done projects for private clients while he looks for a full-time banking job.
To help in his job search, he uses networking sites, such as Linkedin.com. He’s also coping by curbing his high-rolling lifestyle. He saved by swapping his $4,500-a-month apartment for a $1,000-a-month room in a friend’s place.
“People still have to eat and go out, but now you go out one to two days a week, instead of three to four. And instead of Mr. Chow, you go to Balthazar’s,” he said.
Catherine Miller
Age: 25
Resides: TriBeCa
Education: BBA (Business Administration), The College of William & Mary
Last job: Sales manager at Power & Motoryacht magazine, 11⁄2 years
Previous salary: $130K to $160K, with benefits and commissions
Rent: $2,800
Miller was laid off at the end of November after a new company bought the magazine and downsized the staff. She looks for jobs by using Linkedin.com and attending networking functions, such as the Wall Street Pink Slip Party.
She has sent résumés to about 10 companies and contacted old colleagues and friends to ask whether they’ve heard of any job openings. Her next stop is the streets. She’s going to take résumés to companies door-to-door. But she’s not looking forward to being without a job over Christmas.
“The job crunch doesn’t help with the holidays around the corner,” she said.