"Imminent" recession may cost NYC 59,400 jobs: study

Source: Reuters

NEW YORK (Reuters) - An imminent recession could cost New York City 59,400 jobs between now and the middle of next year, with the profit-stricken financial sector the "epicenter" of the downturn, a report said on Tuesday.

This would amount to one-quarter of the hiring by private employers after the 2001 recession, according to the Independent Budget Office, a fiscal monitor that serves as the city's equivalent of the Congressional Budget Office.

But the previous downturn, which accelerated after the September 11, 2001 attacks, will still turn out to have been more severe, as employers cut about 43 percent of jobs added in the expansion that lasted from 1993 to 2000, the report said.

Although the data are still too ambiguous to determine whether New York City is already in a recession, the report said the "Independent Budget Office is forecasting that a local recession is imminent, if it has not begun already." No recovery is seen until the second half of 2009.

Read more: http://www.reuters.com/article/bondsNews/idUSN2030973820080520?sp=true

Until the Demos take over - Right?

The Fed from Greenspan to the current stooge are in volved in the deception

yea - I've been watching the propping and the lying and the bullshit for..

what???

oh, yeah...

my entire adult life

:toast:

(ah - the great red edit flag of infamy - yeppers, it was a "typo")