Brighter Outlook for NYC's Economy: IBO Report
New York, NY —
A new report is offering better financial news for the city. The Independent Budget Office now says there will be about 100,000 fewer job losses, and higher tax revenues, than it predicted last spring.
Director Ronnie Lowenstein says Wall Street firms made unprecedented gains, earning a record $8-billion in the first quarter of this calendar year, then shattered that record in the next quarter by earning $28-billion.
LOWENSTEIN: We're now anticipating that Wall Street, collectively, will earn the better part of $60 billion this year, and that has a huge impact on the rest of the local economy.
REPORTER: IBO also expects the city's tax revenues to exceed $35-billion this fiscal year. But Lowenstein says other factors, like the state's fiscal crisis and the US economy, could still put those predictions at risk.
