Report: NYC to lose 165,000 jobs over 2 years

A report written by the chief economist of the comptroller?s office states New York City is expected to lose 165,000 jobs over the next two

WESTCHESTER SQUARE - A report written by the chief economist of the comptroller?s office states New York City is expected to lose 165,000 jobs over the next two years, nearly double what was projected a few months ago.

The report, written by William Thompson, indicates 35,000 jobs in the financial industry will be cut along with 130,000 various jobs in other sectors.

Thompson says the nation had slipped into a general recession after the recent failure and bankruptcy of major U.S. banks on Wall Street.

In the Bronx, many small businesses are barely staying afloat these days, and some entrepreneurs are already considering job cuts.

The owner of a flower shop in Westchester Square says so far, he?s managed to avoid firing employees. However, he says he may have to let some people go in the foreseeable future if the economy doesn?t get better.

advertisement | advertise on News 12

Trending Video

Police say Keith Wright was escorted out of 1 Bronx bishop faces assault charge
Surveillance video shows the man placing a $50 2 Man robbed while paying for meal at Burger King
News 12 hit the streets to find out 3 Word on the Street: Favorite U.S President
Police have released a video that shows a 4 Video shows suspects beat food delivery worker inside Bronx building
Authorities are searching for a woman who they 5 The Buzz: Woman seen stealing $50 from Burger King customer

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE