2008-10-24 / Business News

Thompson: NYC Private Sector Jobs Will Be Lost

Comptroller Thompson Comptroller Thompson The New York City Comptroller William C. Thompson, Jr. has launched a revamped, user-friendly Web site this morning, addressing the city's current fiscal crisis and forecasting 165,000 lost jobs over the next two years in a new column, "The CNote."

"With a monumental economic drama playing out in the daily headlines, many New Yorkers are asking what the crisis will mean for their families and their city," The C-Note reads: "Those are appropriate and important questions, and the Comptroller's Office has been working to keep its answers well-informed and up-to-date."

The new column can easily be accessed by visiting www.comptroller.nyc.gov and clicking on the ticker at the top of the home page. Today's column, "New York City's Changing Economic Picture," was penned by Chief Economist Frank Braconi.

"The events of the past several weeks portend a much more difficult economic climate for the city in the near future," according to The C-Note. "Our current forecast anticipates that as many as 165,000 private-sector jobs will be lost throughout the city's economy over the next 24 months, which compares to a forecast of 85,000 jobs lost in the Comptroller's most recent budget report, issued in July. We now believe that as many as 35,000 of those job losses may come in the financial

services industry; our previous forecast was that the industry would contract by 25,000 jobs." The Web site - which follows a "two-click rule," meaning that users can access any part of the site with no more than two mouse clicks - also includes the latest news releases and video links involving the Comptroller's Office. The CNote will be issued periodically, and primarily focus on

economic and financial matters concerning New York City.

"The current tumult on Wall Street makes it abundantly clear that New Yorkers want to know - and deserve to know - what is taking place in the world around them," Thompson said. "My office will continue to report on the latest economic developments, explaining how what happens in Washington and on Wall Street affects all of our lives."

Today's The C-Note also points out that the Comptroller's most recent revenue forecast (released in July) anticipated that the City's tax revenues would drop by about $2.4 billion (6.2%) in the current fiscal year compared to Fiscal Year 2008. That forecast likely will be downgraded.

Additionally, according to The CNote, in the long run economic growth will resume and the city's premier position in the global financial network will be retained. However, the financial crisis has sped up the process of financial dispersion that was already under way.

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