Thompson raised his job loss estimate through 2010 by 5,000 to 170,000 jobs and also predicted the city's unemployment rate will reach 7.4 percent. That figure would be the highest since April 2004.

He went on to say that Wall Street cash bonuses will be down at least 50 percent.

Job loss and decreased bonuses are predicted to decrease the city's tax revenues in fiscal year 2009 by 4.3 percent.

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