Officials: NY state could lose 40,000 jobs, $3B

ALBANY, N.Y. (AP) -- Two state officials say a new projection shows Wall Street's meltdown will likely cost New York up to 40,000 jobs and $3 billion in tax revenues over the next two years.

The snapshot done on Wednesday is worse than Gov. David Paterson predicted just Tuesday when he said the state could lose some $1 billion in revenue because of upheaval in the financial sector.

Wall Street is a major economic force in New York state, generating one-fifth of the state's revenues each year.

The officials spoke on condition of anonymity because they weren't authorized to comment on the fiscal analysis.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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