In the aftermath of the Sept. 11 terrorist attack and the slump on Wall Street, it was found that New York State suffered a higher rate of job loss than the rest of the nation. A report issued by the Fiscal Policy Institute found that the state lost 3.1 percent, or 265,000 jobs, since the recession began in March 2001. New York City's job losses were three times the national rate at 6.4%, accounting for three-fourths of the losses statewide. The Institute predicted that the state's recovery from this recession would likely be a slow process.
See Steven Greenhouse, The New York Times, September 1, 2003