The NYC comptroller doesn't see improvement until 2010. I'd like to think that's the case but at this rate, that will be a best case scenario and when's the last time we saw "best case" in this market?
The economic downturn has not yet found a bottom, according to New York City Comptroller William C. Thompson Jr., who says huge job losses still lie ahead for the city.
“We’re projecting over the next two years probably about 165,000 jobs may be lost—of that probably about 35,000 on Wall Street,” he said.
Thompson says New York has been trailing the rest of the country during this economic dowturn, and his team doesn't believe the city will see the bottom until the beginning of 2010.
To deal with the downturn, New York has cut its budget three times this year, but Thompson says there soon will be no more fat to cut.
