How Deep Could New York Economys Sink?

Federal officials may still be debating whether the American economy will fall into a full-blown recession this year. But economists in New York City are pondering another question: If there is a national recession, how deep will it get here?

If the last two recessions are any guide, economists say, the city could be headed into a wrenching reversal that will last longer than the national downturn. Though by many measures the city’s economy is still chugging along even as the nation’s sputters, there are troubling signs: Business-tax revenues and the number of building permits are dropping while unemployment and office space availability are creeping up.

>> History Hints a Recession Would Hit City Hard