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Current Downturn Similar to Late ’80s, Says New York Fed

Published Thursday, October 23, 2008

The job losses experienced in the financial services sector in New York City through the summer of 2008 have been relatively moderate, but considering that the current downturn is similar to the one in the late 1980s, more deterioration may be yet to come. “The sharp losses that accompanied the finance sector weakness in the late 1980s might indicate that the city’s finance sector stands on the verge of a significant multiyear downturn in employment and in real earnings,” according to an employment outlook report from the Federal Reserve Bank of New York released today. The report, however, ...

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