By: Daily Record Staff//October 5, 2010
By: Daily Record Staff//October 5, 2010//
The New York State economy remains seriously damaged from the worst national recession in decades, precipitated by high risk lending practices, according to a report on economic trends in New York state released today by Comptroller Thomas P. DiNapoli.
Although the downturn was less severe in New York than in the nation, the state still lost 367,400 jobs and the unemployment rate more than doubled to 8.9 percent during the recession — a 17-year high.
DiNapoli’s report also finds that Wall Street’s recent return to profitability led to higher bonuses and higher average compensation in 2009, but job losses are continuing. The securities industry in New York City lost 4,200 jobs during the first eight months of 2010, bringing the total job loss since January 2008 to 31,300 jobs, a decline of 16.6 percent.
The report also highlights:
A copy of the report is available at www.osc.state.ny.us.