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Comptroller: Recovery seems to be weakening in New York

By Rick Seltzer


New York state’s economic recovery may be slowing, according to a report released this morning by Comptroller Thomas DiNapoli.

The state lost 11,200 private-sector jobs since July 2011, according to the report. And forecasts show weakening consumer, business, and government spending will hold growth in New York’s gross state product to just 1.7 percent in 2012 — lower than predictions for nationwide growth of 2 percent.

“New York’s recovery appears to be losing momentum, which raises concerns about the pace of the economic recovery in 2012,” DiNapoli said in a news release. “New York’s economy has improved over the past two years, but not all New Yorkers have benefitted equally.”

New York had regained 154,300 jobs as of December 2011 after losing 333,400 in the recent recession, the report found. That means it regained 46 percent of jobs that were lost, which is better than the national average of 34 percent. But the average salary of New York jobs created in the last two years is more than 40 percent lower than the average salary of jobs lost in that recession.

Three upstate cities continued to lose jobs since the end of 2009, the report said. Binghamton lost 700 jobs, Ithaca lost 1,000, and Albany lost 1,700.

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