State Comptroller Thomas DiNapoli says New York has recovered less than half the jobs lost during the recession and a weakening Wall Street and global economy provide a gloomy outlook.
DiNapoli’s report on economic trends finds an uneven recovery from the recession that’s still hitting many areas hard.
While New York’s job growth has been better than the national average for the past two years, the state has lost jobs faster than other states in recent months.
DiNapoli says Wall Street has resumed job cuts after weak earnings in the last quarter of 2011.
New York state government has traditionally depended on the financial sector for 20 percent of its revenue. And hard times on Wall Street have led to hard times for schools, other public services, and taxpayers.