A report written by the chief economist of the comptroller?s office states New York City is expected to lose 165,000 jobs over the next two years, nearly double what was projected a few months ago.

The report, written by William Thompson, indicates 35,000 jobs in the financial industry will be cut along with 130,000 various jobs in other sectors.

Thompson says the nation had slipped into a general recession after the recent failure and bankruptcy of major U.S. banks on Wall Street.

In the Bronx, many small businesses are barely staying afloat these days, and some entrepreneurs are already considering job cuts.

The owner of a flower shop in Westchester Square says so far, he?s managed to avoid firing employees. However, he says he may have to let some people go in the foreseeable future if the economy doesn?t get better.