NYC recession proves shallower than expected: study

Reuters by Joan Gralla | Mar. 29, 2010 (News)

New York City's current recession, though "quite severe" for people who lost their jobs, looks surprisingly shallow and brief when compared with previous downturns, a report said on Friday.

One of the main reasons is the financial sector's swift rebound, which should boost the city's tax coffers, the report by the Independent Budget Office said.

The city could receive $540 million more tax revenue in fiscal 2012, which will begin July 1, 2011, than Mayor Michael Bloomberg predicted, although it is still facing an estimated $2.6 billion shortfall.

About 173,000 jobs will have been cut from the third quarter of 2008, when ... Full Story »

Posted by Beth Wellington

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Related Comments: New York City (3)

3.4

by Kristin Gorski - Mar. 29, 2010

Informative, yet uses only one report as its source.

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3.3

by Kaizar Campwala - Mar. 29, 2010

Classic wire story piece that reports on a single study and doesn't dig any deeper.

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3.1

by Beth Wellington - Mar. 29, 2010

Cursory, plain vanilla summary of the NYC Independent budget office report w. a link to the report, which I've included here. Does let the public know that the report is available but fails to do much analysis of how this report, for instance, differs from the mayor's. Despite the faint good news, the cuts continue, as outlined in the Post story to which I've linked. The IBO also published proposed options for tax cuts or increased revenue back in February to which I've also linked.

Beth posted this story.

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