WXXI AM News

Economy

npr.org

A new report from the Federal Reserve Bank of New York has found that while the upstate economy fared pretty well during the last business cycle, the economy in Western New York is not as robust.

New York Federal Reserve senior economist Richard Deitz says while a lot of the jobs lost during the recession in Upstate New York have come back, there is still weakness, mainly in Rochester and Buffalo.

All 12 of the metro areas in New York State had economic growth rates below the national average last year.

That’s according to the Empire Center, a fiscally-conservative think tank which looked at the recently released federal data on Gross Domestic Product.

pbs.org

New numbers from the New York State Labor Department show a drop in jobs and a rise in unemployment in the Rochester area.

The figures from the state show the Rochester Metro saw a loss of 1,300 private sector jobs in August compared to a year ago. This area was one of only two metros in the state to see a drop in private sector jobs, Buffalo was the other, with a loss of 100 jobs.

State labor analyst Tammy Marino believes the method used to determine job growth has been undercounting the number of jobs being created.

The University of Rochester is partnering with Harris Corp. to create the Rochester Data Science Consortium that will be housed on the UR campus.

The joint effort will help companies and governments analyze large amounts of data — an industry known as “big data” — in order to spot trends that can help the companies, consumers and citizens.

In a Wall Street Journal interview last week, President Trump made comments about Upstate New York that have led to a debate about the state of the job market and the economy in our region. He said that Upstate New York “just isn’t working,” and its residents should move elsewhere to find jobs. He also suggested people just leave their homes behind, even if they can’t sell them. His comments were related to news surrounding the electronics manufacturer Foxconn, which was considering building a new plant in Wisconsin instead of Utica (days later, Foxconn did select Wisconsin as its preferred site).

Is the state of the economy in Upstate New York as bleak as the President suggests? Have you considered moving out of the area to find work? Our guests help us understand the jobs outlook and economic development in our region:

  • Matt Hurlbutt, interim president and CEO of Greater Rochester Enterprise
  • Matt Horn, Geneva City Manager
  • Mike Manikowski, chief economic developer for Ontario County

Veronica Volk / WXXI News/Great Lakes Today

Spring flooding along Lake Ontario is damaging many homes along the shoreline, and it’s hurting people who have businesses there. Now, business owners say it will take a long time to recover -- even after the floodwaters go away.

Marge’s is a little bungalow bar in Rochester. Inside, there's a small wooden bar and a few games, but you don't go to Marge’s to stay inside.

Out back is a big stretch of beach looking out over Lake Ontario. There's a tiki hut, and frozen drink machine, and live music on the weekends.

If they’re successful they can create jobs, serve as an answer to unmet needs in the market and bring about social change. In cities, they’re also a key factor for growth both in population and income. So what’s happening now in the City of Rochester to make the landscape appealing for urban entrepreneurs and is it working? In this Need to Know segment we’ll hear from Ebony Miller Wesley, Interim Director of RIT’s Center for Urban Entrepreneurship and Heidi Zimmer-Meyer, President of Rochester Downtown Development Corporation (The Commissary).

The Eastman Business Park is welcoming a new tenant, a company involved in photonics. It's actually the first independent photonics company to locate at the business park.

There is a research hub being developed at the park, called a Testing, Assembly and Packaging or ‘TAP’ facility which will serve a number of photonics firms in the area.

PBS.org

The latest numbers from the New York State Labor Department show a decline in private sector jobs and a rise in unemployment for the Rochester area.

The February unemployment rate was 5.4 percent, up from 5.1 a year ago, and there was a decline of 1,200 private sector jobs compared to a year ago. 

But State Labor Analyst Mark Barbano says it’s hard to compare the numbers because last year was a particularly strong year for job growth in the Rochester metropolitan area.

Xerox on Wednesday is launching what it says is the biggest product introduction in its history, 29 new products. The company says they will include new software and apps, many of which were developed by engineers in the Rochester area.

Also, reviewing a recent study by the Brookings Institution on economic growth. The Metro Monitor report tracks the economic performance of the country’s largest metropolitan areas, and the Rochester area didn’t fare too well.

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