Tagged: New York federal reserve

Upstate New York is having a hard time getting over the recession. Unemployment in upstate rose to 8.5 percent in August, close to one percentage point higher than during August 2011, according to a new report from the New York State Department of Labor. New York’s rate peaked above the national trend, and this month Governor Andrew Cuomo started an initiative to help address the issue.

A new report from the New York Federal Reserve shows that advances in technology and globalization mean job opportunities are growing at both ends of the skill spectrum, but not in the middle.

The recent growth in New York's manufacturing sector has slowed, but economists say it's not all bad news.

"I wouldn't make too much out of just one month. It still is indicating growth," says Richard Deitz, senior economist at the Federal Reserve Bank of New York.

On Monday, the New York Fed released the April edition of its Empire State Manufacturing Survey [PDF].

After four months of steady growth, the Fed's "business conditions index" saw a 14-point drop. Still, the overall outlook remains positive. 

Deitz says manufacturing employment continued to increase, though unevenly in different parts of the state.

The education and healthcare sectors - or "eds and meds" - provide potential for upstate New York's economy - as long as the region can translate research activity into job creation.

That was the message from William Dudley, president of the Federal Reserve Bank of New York. Dudley was in Syracuse Thursday for a series of speeches. He also sat down with the Innovation Trail.

"The educational establishment is world-class," Dudley said. "And the amount of innovation that those institutions are driving is substantial. But not much of that innovation actually leads to jobs in the region."