Fed Economist Issues Warning on New York City Economy

January 1999 Issue
Fed Economist Issues Warning on New York City Economy
By Tara Joy Oolie
Senior Economist Rae D. Rosen of the Federal Reserve Bank of New York praised New York City's current economy but warned about a possible downturn in the new millennium. Speaking at a November breakfast meeting sponsored by the NYSSCPA Cooperation with Bankers and Other Credit Grantors Committee, Rosen discussed Wall Street's impact on the city and said that although profits may be down 25 to 30 percent in the securities industry, 1998 still rates as perhaps the third best year on record.
Despite this current positive outlook, Rosen stressed that since Wall Street employs 5 percent of New York City's workforce and represents 15 percent of its personal income, the slower economic growth projected for 1999 will be felt in the new millennium.
"If the stock market continues in doldrums, I expect the year 2000 to be extremely tough for the city and the state," she said.
The breakfast was part of an ongoing financial series counting down to the year 2000. For more information on the committee's activities, contact NYSSCPA Communications Specialist Tara Joy Oolie at (212) 719-8405, (800) 633-6320, or toolie@nysscpa.org. *

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