City Comptroller Offers Bleak Outlook on City Job Loss

New York, NY —

The housing crisis threw the nation into a recession but Comptroller Bill Thompson says it's the Wall Street meltdown that's hurting New York City. He expects the city to lose 170,000 jobs by the end of 2010.

THOMPSON: Some 46,000 of those jobs will have been lost in the city's financial sector, although another 60,000 job losses will be indirectly attributable to the financial industry's difficulties with the remaining losses stemming from the effects of the general US recession.

REPORTER: Data show the worst job losses so far this year have been in manufacturing and financial services.

Thompson, a likely mayoral candidate, was speaking at a business and labor conference today.

He also told attendees he's against the mayor's proposal to revoke the $400 property tax rebate.