News Summary: State sees Street profits slowing


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(AP) - BEARISH OUTLOOK: Wall Street recorded $10.1 billion in profits for the first half of 2013, but New York's comptroller said federal budget dithering, higher interest rates and litigation may slow earnings for the second half of the year.

STILL BIG MONEY: Comptroller Thomas DiNapoli projected that overall earnings may be limited to $15 billion this year, from $23.9 billion last year. The securities industry remains one of the city's main economic engines, last year accounting for 5.1 percent of its jobs but nearly 22 percent of all private sector wages.

JOB NUMBERS DROP: The report said there were 163,400 total jobs on Wall Street in August, down from 168,700 a year earlier. DiNapoli predicted the industry will continue to streamline.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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