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Economists had been forecasting a substantially milder payrolls reduction of 350,000 jobs in November but a slightly higher 6.8% rate of joblessness.
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"We had the financial flexibility that I don't think any other team in baseball had," he added, alluding to a major payroll reduction the Rangers made last winter.
However, the Knicks will still be far over the cap and almost certainly over the luxury-tax threshold, barring a major payroll reduction.
And the furious pace of payroll reduction by employers during the second quarter suggests his fears are well founded.
That is more than the combined payroll reductions at automakers, restaurants, hotels and department stores.
For years, payroll reductions there had been resisted more firmly than reform in Detroit.
And this week, his communications director, Chris Mather, initiated an audit of city communications practices with an eye toward further payroll reductions.
Contrary to the policy's intentions, it makes cheaper certain types of payroll reductions, namely those reductions that occur before the law goes into effect.
And before the 2012 season, the Mets underwent one of the largest payroll reductions in baseball history, cutting roughly $50 million from the previous year's total.
Drury signed with the Rangers as a free agent on July 1 , 2007 after the Buffalo Sabres declined to re-sign him as part of a payroll-reduction plan.
About 16,000 workers walked off the job at the largest Brazilian factory of Volkswagen A.G. after talks between union officials and management over payroll reductions reached a deadlock over the weekend.
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CEO of Professional Science Editing for Scientists @ prosciediting.com