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American Morning

Downtown New York Economy Still Hit

Aired March 11, 2002 - 08:02   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
PAULA ZAHN, CNN ANCHOR: Jack Cafferty is down near Wall Street this morning, the economic heart of New York. He joins us right now -- good morning, Jack.

JACK CAFFERTY, CNN ANCHOR: Good morning, Paula.

And despite the fact that there is evidence the economy is recovering nationally and the stock market, in fact, has been rallying strongly for the last couple of weeks, this part of New York City is still hurting. Tens of thousands of jobs were lost here. Firms have packed up and moved either to other parts of the city or left the city entirely, never to return. Retail stores going a full day without ringing up a single sale.

The recovery is very slow and grudging in this part of New York City. We'll have more for you later on.

ZAHN: All right. Thanks, Jack.

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