NY budget official predicts end to recession later this year, but doesn’t expect major rebound

NY budget official: Recession to end later in year

ALBANY, N.Y. — New York state budget officials predict the national recession will end sometime in the third quarter of 2009.

State Budget Director Laura Anglin is releasing the state’s updated financial plan Tuesday, which projects an upturn in the economy later this year.

She attributes the anticipated improvement to the federal stimulus, but cautions that the state isn’t expecting a major rebound. In 2003, Wall Street had a boom that put the state and national economy back on track after an economic decline. But Anglin says she expects almost no growth in the financial industry.

The Division of Budget says economic conditions have deteriorated substantially in the state over the past six months. It also projects a 4.2 percent decline in New York wages for 2009.