Manhattan's economy down, officials aren't worried
9:29 p.m. Thursday, May 8, 2008
In Manhattan Thursday, cash registers are ringing, but not as much as they have been in the past few years.
Despite hundreds of shoppers around Manhattan, a new report from the city claims the local economy is down.
Bernie Hayen, the city's director of finance, checks the economy every month. He doesn't expect the downturn to influence Manhattan because of it's growing college population and the 7,500 military personnel returning to the area this year.
"The expectations are that this is just simply a blip on the proverbial radar screen and that it's going to go right back up and hopefully will stay up, then, for the rest of the year," Hayen said
April marked the worst dip in the Manhattan economy over the past two years, with sales tax receipts totaling $30,000 less than what they were the year before.
The city may not be concerned, but local consumers wonder what they have to do next to save money.
"I'm thinking two or three times before I spend my money," Elaine Fulkerson said.
"I am tending to save more lately than I have been before," Stacy Eschke said. "Most of my spending comes on basic-need things."
"Watching for food prices to go down, cooking more and eating out less, just trying to watch everything," Connie Stout said.
Many consumers told us they plan to stay in Manhattan for their shopping needs, saving on gas and contributing more to the city.
Hayen says he expects the nationwide recession to have little influence on Manhattan and believes local business sales will grow by summer.
Post a comment
(Requires free registration.)