40% of New York City residents fear for their jobs, while 80% have already cut back on spending, according to a new poll released by Crain's New York Business.

The Crain's poll paints a dreary picture of the city's economy. A solid majority of poll respondents, 58%, say they have already lost income or wealth in the economic turmoil, 60% say they had a hard time making ends meet last month, and 79% say they have made cutbacks in spending because of the economic crisis.

When asked about job security, 39% said their job was "fairly insecure or very insecure" from layoffs. That's a high number, considering that the unemployment rate in the city is still a relatively modest 5.7%.

Five years ago, when the unemployment rate was 8.4% in the city, only 20% of the respondents in a Crain's poll said they felt their job was at risk.

According to the poll, job fears are also spread across the educational spectrum more evenly than in past downturns, when those with more education felt relatively safe. In this poll, nearly a third of those with college degrees felt their job was at risk.

A full 50% of respondents said the city is headed in the wrong direction, up sharply from 36% last year, while 59% of those surveyed said they believed the city's economy was in poor condition, compared with 34% five years ago.

New Yorkers have also shifted their focus sharply from other problems to the economy. When asked to name the biggest problem facing their community, 32% said it was "jobs/poverty/economy," compared with only 7% who said that was the No. 1 issue last year. Back then, the top concern was "crime/ violence/ drugs," with 23% saying it was their leading worry.