New York City's economic downturn will be "deep and protracted." That's the forecast from the Independent Budget Office.
The director of the agency told the City Council during budget hearings on Monday that the city's economic recovery will likely lag the nation's.
The agency has also adjusted its job loss forecast.
IBO now predicts the city will lose 270,000 jobs from the first quarter of 2008 through the second quarter of 2010. That is 30,000 more than the agency estimated in a recent report.
Copyright AP - Associated Press
