Federal aid helped New York City avoid severe recession

03/3/2010 | NYTimes.com

Federal aid will help minimize the impact of a the recession on New York City. Economists and city officials had worried about a crippling blow after Lehman Brothers collapsed in 2008 and other big Wall Street firms showed signs of weakness. Job losses in the city for the current recession are now expected to be less than was the case in the recession of the early 1990s that dealt a severe blow to New York's metro area.

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