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Wall Street Recovers Faster Than Expected

NEW YORK CITY-State comptroller DiNapoli says that the securities industry is profitable again, but both he and city comptroller Thompson warn that job losses persist.

By Paul Bubny | Updated on November 18, 2009

NEW YORK CITY-Wall Street is rebounding from last year’s economic meltdown faster than expected, according to a report from State Comptroller Thomas DiNapoli. However, DiNapoli noted that the impact of a reorganized–and once again profitable–securities industry on the city’s and state’s tax revenues is not yet certain, while his local counterpart, City Comptroller William Thompson Jr., said Wednesday in a quarterly report that the city is lagging the US in economic growth.

“It is clear by all indicators that our city continues to reel from the effects of the recession,” Thompson says in a release. “We are being outperformed by the nation, our unemployment rate continues to rise and our tax collections have dropped. It is my hope that the analysis provided may be a point of reference to identify where we can maximize our efforts to create jobs in this economy.” Among other things, Thompson notes that the unemployment rate in the city has gone from 6% to 10.3% in the space of a year.

He adds that on a nationwide level, the most resilient employment sectors are education, medical care, and leisure and hospitality. “We need to think more strategically about the role those sectors can play in our city’s and our region’s future,” says Thompson.

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