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December 07, 2004
The mighty engines of growth
Posted by Dominic Basulto
First, the good news. In 2005, New York City's economy is expected to grow again for the second consecutive year. Now, the bad news. Total jobs growth, as calculated by the Federal Reserve Bank of New York, looks anemic. Overall employment will only grow by 1.1%, as the city adds another 38,000 jobs in 2005. During the economic downturn, the city lost an estimated 200,000 jobs, so there's still a long way to go.
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