New York City Comptroller William C. Thompson, Jr. today issued the following statement after the National Bureau of Economic Research announced the nation has entered a recession:

“Today’s announcement by the National Bureau of Economic Research confirms, as I have suspected, that the nation has been in recession since the beginning of the year.  Although the recession was triggered by the national housing slump, the credit crunch and instability on Wall Street have worsened the gloomy financial situation our country is confronting.  Unfortunately, this means that the downturn has not yet found a bottom, and many challenges still lie ahead. One thing is certain: New Yorkers have seen tough times before and will respond with the energy and ingenuity for which we are renowned.

In October, my office predicted that over the next 24-months, more than 165,000 jobs could be lost due to the economic crisis.  We are in the process of updating that forecast, and will release it as part of our review of the City’s fiscal and economic condition in the coming weeks.”

###