Money meltdown hits WNY job front

The money meltdown is hitting western New York where it hurts the most, on the job front.

The latest numbers from the State Labor Department show the unemployment rate is now above eight percent in Niagara, Orleans, Wyoming and Allegany Counties, and things aren't expected to improve any time soon.

Dan Boland likes to fish. But he won't be buying any fishing boats at the Buffalo Niagara Boat Show in Wheatfield even though he says his job is secure.

Boland said, "We were just making a joke that this is something we might of been able to afford in the past, but with the economy and the way the stock market's been going."

The state of the economy is forcing Shianne Velletta to change the way she spends her time and money.

"I have not been laid off but my hours have been cut back drastically."

So she's cut back on certain things herself.

Velletta said, "I choose the activities that are important for me and my son, so I try to spend my money on things like this rather than go to the mall and buy clothes."

Bill Ganley is a Professor of Economics at Buffalo State College. He thinks the latest unemployment figures are just the tip of the iceberg.

Right now he thinks western New York will feel the most pain from the cut backs in the auto industry.

Ganley said, "So if you lay off just 400 plus workers out at the River Road plant at General Motors, that's gonna be an impact of maybe 50 million dollars all by itself. We have nothing to make up for that."

He expects the second shoe to drop in another important area.

"...second best set of jobs in this area are government jobs, state government jobs, county government jobs, school jobs."

Despite the grim news, he advises people who don't have jobs to keep looking for one.

He says you may have to lower your expectations but unfortunately, it's the state of the economy we're in right now.