NEW YORK - New York City's recession likely will linger for the average resident, though technical indicators suggest both the nation and the city have turned the corner, the Fiscal Policy Institute reported on Tuesday.
The city's recovery might be rocky and long, according to the think tank's report, due to the high number of job-seekers, the concentration of job losses among middle- and low-income people, soaring bankruptcy rates at small and medium businesses, and the risk the city will slash public workers to close a budget gap.
After nearly sinking during the credit crunch, Wall Street last year resumed earning record profits.
For the average New Yorker, however, the bite of this recession is much worse and there is no end in sight, the report said.
The recession hurt residents of the city particularly hard because commuters hold about 40 to 50 percent of its highest paying jobs.
In most moderate and average paying sectors, city residents hold 90 percent or more of the jobs, the report said.
Employers must hire 400,000 workers to reduce joblessness to pre-recession levels, the report said.
In March, New York City's unemployment rate eased two-tenths of a percentage point, to 10 percent. For details, please see: [ID:nN15247727].
The Fiscal Policy Institute says it works to ensure taxes are fair and that public services are adequate. (Reporting by Joan Gralla; Editing by Gary Hill)