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NEW YORK CITY-The local economy is rebounding faster than that of the nation as a whole, but not rapidly enough to close a budget gap that could reach $5.6 billion in fiscal 2014, New York State Comptroller Thomas DiNapoli says in a report released Wednesday. The report says the actual shortfalls for FY 2012 and beyond could be significantly larger depending on the outcome of the state budget, collective bargaining negotiations and how both state and city replace expiring federal stimulus funds.

Private-sector employment in New York City grew 2.5% between December 2009 and October of this year, more than double the national rate. The city has now regained almost half of the private sector jobs lost during the recession, although the unemployment rate remains high. Eighty-eight percent of new jobs added in New York State during this 10-month period are based in the city, many related to retail, health care and restaurants.

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