MANHATTAN EMPLOYMENT GREEN ($$$) SHOOTS

Indicators from Wall Street would say that what is probably the defining source of Manhattan’s luxury real estate market should be in good shape going forward….. The financial work force in New York has shrunk by more than 28,000 since its peak in January 2008, but is still slightly above its level in 2003 after the tech bubble burst…….so it actually weathered this recession — the worst since the Depression — better than the previous one. Nationally, staffing is back to where it was in late 2005, while employment in the overall economy is near 2004 levels. As hiring has picked up on Wall Street, salary packages recalling the boom years are reappearing at the most senior levels. Richard Stein, president of Global Sage, an executive search firm, said corporate clients had offered compensation packages worth more than $1 million annually to 12 candidates in recent weeks.