A bank-sponsored survey shows that most New Yorkers expect the recession to continue for at least a year.
Just under 90% of 800 state residents who responded to a poll sponsored by Fleet/Norstar Financial Group believe the state is in the midst of a recession. A pessimistic 60% expect the economy to remain weak at least through fall of 1992.
58% Personally Affected
The economic downturn in New York has personally affected 58% of the respondents in the Fleet/Norstar study. About 75% said they have reduced personal spending in the past few months.
Asked the cause of the recession, 30% of the New Yorkers blamed a combination of government and big business - including Wall Street, banks, and multinational companies.
The results correspond to a recent study from the Federal Home Loan Bank of the New York, which found that "improvement in regional comptitiveness and a resurgence of growth are likely to be torturously slow."
Rae D. Rosen, the author of the report, predicted that "declines in the greater New York City metropolitan area could continue into 1992 before the local economy stabilizes at a woefully low level of operation."
