From the Morning Memo:

State Comptroller Tom DiNapoli gives a big thumbs up to the Big Apple’s economy, albeit, erring on the side of caution.

In a report Wednesday, the comptroller’s office says the city is slated to end 2018 with an additional 72,000 jobs, a positive streak predicted to carry through the new year.

In 2017 alone, the city reached a record employment of 4.4 million, noting between 2009 and 2017, 715,000 jobs were added, an achievement dubbed the “largest and longest job expansion since World War II.”

October’s monthly unemployment rate hit 4 percent, a figure unmet in 42 years.

DiNapoli’s report says it’s all thanks to consumer confidence, steady tourism, rising property values and growing Wall Street profits.

“New York City’s economy is strong and continues to set new records,” DiNapoli said.

Despite growth, there’s worry over instability in the stock market reflected over the past several months.

The city also faces “significant budget gaps and risks in the coming years.”

Fiscal strain from agreements with labor unions made after the budget was adopted in June 2018 are a noted challenge, but not a permanent or unexpected obstacle.

“While the FY 2019 budget surplus is likely to grow, city officials will need to consider additional actions to narrow the budget gaps projected for fiscal years 2020 through 2022,” DiNapoli said.

“In addition, the city faces the prospects of future risks, which could make balancing the budget more difficult. While the economy is still strong, it appears more vulnerable than in recent years.”

The report exposes broad view tender spots, like the slowing global economy and pressure from federal trade agreements that would throw a wrench in the balancing the books. Also laying in wait are New York City-centric caveats, such as low pension fund earnings and an increasingly dependent NYCHA and Health and Hospitals Corp. that could call for a boost in city contributions.

Then there’s the white elephant in the room: the crumbling Metropolitan Transportation Authority.

Wednesday morning on WAMC Radio, Gov. Andrew Cuomo acknowledged the wearisome task, even going so far as to admit a want to wipe hands clean of the transportation infrastructure burden.

It’s a problem that’s getting more expensive by the day.

July 2018 data determines the 2020 budget gap doubled to $510 million, and upped to $991 million by 2022.

“These estimates already assume fare and toll increases of 4 percent in 2019 and 2021.”

To read the full report, click here.