No surprise here:
"If the last two recessions are any guide, economists say, the city could be headed into a wrenching reversal that will last longer than the national downturn. Though by many measures the city’s economy is still chugging along even as the nation’s sputters, there are troubling signs: Business-tax revenues and the number of building permits are dropping while unemployment and office space availability are creeping up.
Perhaps most important, big investment banks continue to report losses on securities tied to mortgages, causing the elimination of thousands of high-paying jobs on Wall Street, with many more layoffs in the works."
Pretty much what you would expect, and it shows up in the charts:
The last two recessions hit NYC harder and lasted longer than the rest of the country.
Graphic courtesy NYT
History Hints a Recession Would Hit City Hard
NYT, April 28, 2008