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Construction unemployment declines in NY (access required)

Year-over-year unemployment in the construction industry in New York fell 1.7 percent in December (photo Tamil Vanan, Pexels).

In an analysis of state-by-state U.S. Bureau of Labor Statistics data by the ABC, unemployment in the state dropped to 5.4 percent from 7.1 percent.

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Consumer spending teeters U.S. away from recession (access required)

The Fed’s biggest enemy today is the labor market. Given that we have seen prices start cooling in many sectors of the market, the remaining piece of the puzzle is wage growth. While wage growth has cooled since July, it is still up more than 6% over the last 12-months. While wage growth is fantastic for the employee, the issue is it is sticky and can get baked into prices over time; meaning while we are seeing prices cool now, if wages were to continue rising it is likely we would need to see a subsequent increase in prices in order to offset labor costs.

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Minimum wage, innovation and housing among Hochul’s 2023 priorities (access required)

New York will make targeted investments to spur economic opportunity and innovation, tie minimum wage increases to inflation and create 800,000 new homes over the next decade under proposals introduced by Gov. Kathy Hochul during her State of the State address on Tuesday afternoon.

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Minimum wage increase takes effect Dec. 31  (access required)

New York will continue with the $15.00 minimum hourly wage phase-in for upstate counties on Dec. 31, Gov. Kathy Hochul announced this week.  Workers outside of New York City, Long Island and Westchester County will see an increase by $1.00 ...

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Rising mortgage rates, rent prices will impact housing market in 2023 (access required)

Home sales in the Rochester area are forecasted to increase by just 1.3 percent in 2023 while prices are expected to rise by 5.3 percent as higher mortgage rates and inflation pains continue to impact consumers. The predictions, made in ...

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RIT’s Battery Prototyping Center expands with help from Build Back Better funding (access required)

The group of 13 partners — led by SUNY Binghamton — secured more than $63.7 million to establish upstate New York as a national hub for battery research and manufacturing. The state has committed another $50 million toward the project.

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The Inflation Reduction Act and the IRS: What you need to know (access required)

With $25.3 billion allocated for operations support and $3.2 billion for taxpayer services, the IRS will get a much needed shot in the arm to provide taxpayers with more responsive, efficient service.

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