Good Morning! Local Recession 'Imminent'

From a report released earlier this week by the city's Independent Budget Office:

Although the recent economic data for New York City are ambiguous, IBO is forecasting that a local recession is imminent, if it has not begun already. While we expect the city to enter the recession later than the rest of the country, the local downturn is expected to be longer, with recovery not occurring until the second half of 2009.

Full report here in PDF.