Hope on the Economic Horizon
Thursday, December 03, 2009
Finally, a bright spot on the economic horizon for New York City. A new report by the Independent Budget Office says the city's fiscal outlook isn't as bad as it appeared last spring, and that the financial sector is making a comeback.
The IBO projects record Wall Street profits of $59 billion this calendar year, a "dizzying U-turn" from the steep losses of 2007 and 2008. Last spring, the IBO predicted the city would lose 255,000 jobs between 2008 and 2009. It's revised that number down, to around 157,000 jobs. It also says the city collected more taxes this fiscal year than the year before.