New York Post Online Edition: "December 4, 2003 -- New York City's fiscal blues are turning as rosy as Santa's cheeks.
'The city is showing clear signs of economic recovery,' Comptroller Bill Thompson said yesterday.
But he warned, 'We still have a long way to go before the city experiences full economic recovery.'
Thompson said the city dug itself out from a 21/2-year recession in the third quarter of 2003 as the local economy grew at 0.3 percent annual rate. He said that in July and August, the economy drooped - but it rallied in September.
An outside analyst agrees. 'Essentially, things have flattened out so we can say the recession is over,' said Steve Cochrane, director of regional economics at Economy.com
From December 2000 to August 2003, New York's economy shrank 7.9 percent with a loss of 252,000 jobs, Thompson said. "
'The city is showing clear signs of economic recovery,' Comptroller Bill Thompson said yesterday.
But he warned, 'We still have a long way to go before the city experiences full economic recovery.'
Thompson said the city dug itself out from a 21/2-year recession in the third quarter of 2003 as the local economy grew at 0.3 percent annual rate. He said that in July and August, the economy drooped - but it rallied in September.
An outside analyst agrees. 'Essentially, things have flattened out so we can say the recession is over,' said Steve Cochrane, director of regional economics at Economy.com
From December 2000 to August 2003, New York's economy shrank 7.9 percent with a loss of 252,000 jobs, Thompson said. "
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