An anonymously reported projection from the state budget office shows Wall Street’s meltdown could cost New York up to 40,000 private sector jobs and $3 billion in tax revenues over the next two years, two state officials said today.

  • State Budget: $120 billion, including federal funds
  • Jobs: New York has about 7.25 million private-sector jobs
    • 6,500 jobs lost in July
    • Employment has already declined in five of the first seven months of the year
  • Wall Street generates 20% of the states revenue
    • According to an analysis by the FT, in late August, the financial services had already shed more than 30,000 jobs over the past ten months
    • According to State Division of Budget spokesman, Jeffrey Gordon, more than 27,000 employees have already lost or are at risk of losing their jobs as a result of closure or lay-offs.

—NYSUN