Ilya Marritz covers business for WNYC.
City Falls Behind Nation in Economic Recovery
Wednesday, November 18, 2009
New numbers show New York City lags behind the rest of the country in emerging from the recession.
In the third quarter, the American economy grew 3.5 percent, but the city's economy continued to shrink at a rate of 1.6 percent, according to Comptroller William Thompson.
Thompson's chief economist, Frank Braconi, says the city isn't able to take advantage of the weak dollar the way some other regions are. "In New York we don't really have the kind of equipment manufacturing or durable goods manufacturing that tends to drive the export demand," Braconi says.
But Braconi says the economy is shrinking less than it was in the second quarter, and he expects the city economy to grow again by the end of the year.