B: “Although the city’s unemployment rate has declined seven months in a row, and job growth in the city has outpaced growth nationally and statewide, we are not immune from the impacts of the recession,” Bloomberg said in his letter. Tax revenue for the current fiscal year remains more than $4 billion below the peak levels reached before the recession began, Bloomberg said.
“Since almost 60 percent of city spending goes towards labor costs, including pension and health care contributions, the city must immediately take steps to rein in spending,” he said. Positions immediately affecting public health and safety, and those that generate revenue, are unaffected by the freeze.
