FOR IMMEDIATE RELEASE:
November 17, 2011

Assembly Issues Midyear Report On Economic Forecast, Revenues And Expenditures

Forecast for 2012: Slow Growth in Employment, Wages and Tax Revenues


Assembly Issues Midyear Report On Economic Forecast, Revenues And Expenditures Forecast for 2012: Slow Growth in Employment, Wages and Tax Revenues Assembly Speaker Sheldon Silver and Ways and Means Committee Chair Herman D. Farrell, Jr. today provided a midyear update on revenues, expenditures and the economic outlook for New York State.

The Midyear Update, prepared by the Assembly Ways and Means Committee, is required by the "quick start" budget process in order to assist in creating and reviewing the state budget.

The findings of the Assembly report include the following:

In addition, the document notes that there are serious risks to the economic outlook of the nation and New York State. Problems that were central to the recent recession continue, particularly weaknesses in both the labor market and the housing market. Furthermore, a highly volatile stock market and the European debt crisis have created considerable uncertainty in the financial markets.

The report issued today is based on the best and most complete information available as of early November, 2011. The forecasts in this report are likely to be affected by changing conditions in the economy and in the securities industry. New information will be made available in February 2012 when the Assembly releases the New York State Economic Report and New York State Revenue Report.