NY comptroller: City economy rebounding

(AP) - State Comptroller Thomas DiNapoli says NewYork City's economy is recovering faster from the recession thanthe rest of the state and nation, but the higher tax revenues stillwon't close the city government's upcoming budget gaps.

DiNapoli's office says in a report yesterday that private-sectoremployment in the city rose 2.5 percent from December 2009 throughOctober, regaining almost half of 176,700 jobs lost in thedownturn.

Preliminary data show the securities industry belatedly addingjobs, slower than retailing, health care and restaurants, as WallStreet earned $21.4 billion during the first three quarters of2010.

That exceeds predictions, though the 2010 cash bonus pool isexpected to be smaller than last year's bailout-fueled $20.3billion.

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