new york federal reserve

The harsh winter of 2013/2014 has made itself felt across the state’s economy according to the The Federal Reserve’s ‘Beige Book’, a summary of commentary from the Fed’s districts published Wednesday. New York state is classified as District Two under the Fed’s reporting system.

Zack Seward / WXXI

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.

BizJournalism / via Flickr

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."

Zack Seward / WXXI

A new survey by the Federal Reserve Bank of New York found optimism among the state's manufacturers in January.

According to the monthly survey of 200 manufacturing executives (about 100 respond according to the Fed):

  • General business climate improved by 5 points.
  • New orders rose 8 points.
  • Optimism about the six-month outlook rose 9 points.

Most encouraging, according to Randy Wolken, president of the Manufacturing Association of Central New York, were improvements in the number of manufacturers that expect to hire new workers.

Daniel Robison / WNED

Governments in upstate New York are painfully aware they continue to lose population relative to other states. But is there anything they can do about it? What role does the government play in trying to attract and retain educated young people to the region?

The answer is tough to pin down.