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VIEWPOINT: NLRB Issues Final Rule Expanding Joint Employer Status
On Oct. 27, 2023, the National Labor Relations Board (NLRB) issued a final rule that vastly expands the definition of joint employment under the National Labor Relations Act (NLRA). This new rule rescinds and replaces the 2020 focus on “direct and immediate control” with a less-demanding standard intended to expressly ground the joint-employer rule in […]
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On Oct. 27, 2023, the National Labor Relations Board (NLRB) issued a final rule that vastly expands the definition of joint employment under the National Labor Relations Act (NLRA). This new rule rescinds and replaces the 2020 focus on “direct and immediate control” with a less-demanding standard intended to expressly ground the joint-employer rule in common-law agency principles.
Under this new standard, two or more entities may be designated as joint employers if they share or codetermine one or more of the employees’ essential terms and conditions of employment. In modifying the proposed rule, the NLRB enumerates an exhaustive list of terms or conditions that are essential for purposes of the joint-employer inquiry. These include: (1) wages, benefits, and other compensation; (2) hours of work and scheduling; (3) the assignment of duties to be performed; (4) the supervision of the performance of duties; (5) work rules and directions governing the manner, means, and methods of the performance of duties and the grounds for discipline; (6) tenure of employment, including hiring and discharge; and (7) working conditions related to the safety and health of employees. Importantly, an entity’s control or simply the potential to control, whether direct or indirect, over any of these seven categories, is sufficient to establish a joint-employer relationship.
The NLRB’s new final rule becomes effective Dec. 26, 2023, and will apply only to cases filed after the effective date. Because the new rule largely expands the likelihood of a joint-employer designation, it is imperative that employers reassess their current contracts with third parties to evaluate how these relationships may be classified under the new rule. Further, the new rule will impact collective bargaining because it requires that a joint employer “must bargain collectively” over any term and condition of employment that it has the authority to control.
Kali R. Schreiner is an associate attorney in the Syracuse office of Bond, Schoeneck & King PLLC. She assists clients in a wide range of labor and employment matters, including counseling clients on employment-related matters, defending employers in various phases of litigation, and conducting policy and handbook reviews. Contact Schreiner at kschreiner@bsk.com. This article is drawn from the firm’s New York Labor and Employment Law Report on its website.

Syracuse–based FustCharles opens Rochester–area office
BRIGHTON, N.Y. — Syracuse–based accounting and advisory firm FustCharles is now operating a new office in the Rochester region. The decision to open the Rochester–area office — situated at 70 Linden Oaks, Suite 230 in the town of Brighton — “comes as a response to the evolving landscape in public accounting,” the firm said in
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BRIGHTON, N.Y. — Syracuse–based accounting and advisory firm FustCharles is now operating a new office in the Rochester region.
The decision to open the Rochester–area office — situated at 70 Linden Oaks, Suite 230 in the town of Brighton — “comes as a response to the evolving landscape in public accounting,” the firm said in a news release.
The expansion represents a “significant milestone in the firm’s growth and commitment to providing top-tier accounting solutions to its clients and expanding the opportunities available to its team,” FustCharles contended.
The firm cites recent articles in The Wall Street Journal indicating that fewer people are entering the accounting profession and some already working in the profession are choosing to leave it.
Combine this with the rapid change in technological advances (including the potential impact of generative AI, or artificial intelligence), the accounting profession is “evolving,” FustCharles contends.
“We have existing team members in the Rochester / WNY region and we’re hoping to attract talented professionals in the area to join our team,” Jackie Al-Nwiran, marketing specialist with FustCharles, tells CNYBJ in an email. “Our business is growing both in Syracuse and beyond and we’re pursuing clients throughout [New York State] and beyond given the geographic limits are not as important as they once were.”
The firm says its partner, Pat Capella, has been in the Rochester area the past nine years. Al-Nwiran tells CNYBJ that FustCharles worked with a broker and toured many sites before selecting the Linden Oaks space. FustCharles liked the location, landlord, and proximity to the city of Rochester, which the firm feels is good for future employees and for visiting clients, she adds.
The firm’s Rochester–region office is using a hybrid model, so, depending on the day, the office could have anywhere from five to 15 accountants, Al-Nwiran notes.
FustCharles’ announcement indicated that it’s also seeking accounting professionals to join the company.
“The decision to expand our physical footprint in Rochester allows us to recruit the region’s talented workforce,” Capella said in the news release. “Rochester is a tremendous community and we’re excited to tap into the local expertise. We believe in developing talent and providing them with skills to thrive.”
FustCharles made headlines earlier this year when it moved to a new office at 220 S. Warren St. in downtown Syracuse and rebranded as FustCharles after it formerly operated as Fust Charles Chambers LLP.

N.Y. workers’-compensation rate to decline in 2024
ALBANY, N.Y. — New York expects employers statewide to save more than $50 million in 2024 with a reduced annual workers’-compensation assessment rate. The rate was set Nov. 1 and goes into effect on Jan. 1, 2024, the office of Gov. Kathy Hochul said. For 2024, the workers’-compensation assessment rate will be 9.2 percent of
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ALBANY, N.Y. — New York expects employers statewide to save more than $50 million in 2024 with a reduced annual workers’-compensation assessment rate.
The rate was set Nov. 1 and goes into effect on Jan. 1, 2024, the office of Gov. Kathy Hochul said.
For 2024, the workers’-compensation assessment rate will be 9.2 percent of the standard premium or premium equivalent, a 6 percent decrease from 2023, which is expected to save New York State businesses about $53 million.
Employers pay an annual assessment to operate the New York State workers’-compensation system, which provides benefits to workers who are injured or become ill because of their job, while protecting employers from costly lawsuits, the state says.
The projected savings will reduce the current assessment costs for all New York employers. It will be “especially helpful” to more than 400,000 small businesses across the state, Hochul’s office contends.
“As New York employers continue to grapple with rising costs and inflation, this assessment rate decrease will translate to meaningful savings for small businesses and keep hard-earned money in New Yorkers’ pockets,” Hochul said in a news release.
The chair of the New York State Workers’ Compensation Board establishes an assessment rate for all employers by Nov. 1 of each year, to be effective on Jan. 1 of the subsequent calendar year.
“With today’s announcement on lower costs for employers, and the recently announced increase in minimum benefits for employees, we’re making steady progress in creating a workers’ comp system that’s better for workers and better for business,” Clarissa Rodriguez, chair of the Workers’ Compensation Board, said in the state’s release.
The assessment rates are determined by the workers’-compensation board’s need and budgeted statewide premium. The rate is calculated by dividing the board’s total estimated annual expenses by a base of total estimated statewide premium. Insurers are required to apply the assessment rate to their premium or premium equivalent.

Farm bill one-year extension includes farmer-payment program
The Farm Bill is now operating on a one-year extension, having been included in the continuing resolution budget deal that President Joe Biden signed Nov. 17. That’s according to the office of U.S. Senate Majority Leader Charles Schumer (D–N.Y.), which also noted that Schumer secured the one-year extension of the Farm Bill in that legislation.
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The Farm Bill is now operating on a one-year extension, having been included in the continuing resolution budget deal that President Joe Biden signed Nov. 17.
That’s according to the office of U.S. Senate Majority Leader Charles Schumer (D–N.Y.), which also noted that Schumer secured the one-year extension of the Farm Bill in that legislation.
In that one-year extension, Schumer said he procured an extension of the dairy margin coverage (DMC) program that he says farmers rely on, per a Nov. 17 news release from his office.
The program was set to expire this year, which could have left farmers facing what Schumer called a “dairy cliff,” cutting off payments to farmers and harming consumers by raising the price of milk.
“Our dairy farmers are the beating heart of Upstate, and when they came to me worried that this year we could be going over the ‘dairy cliff,’ I immediately started ringing the cowbell and promised I would churn up support to ensure these payments wouldn’t lapse. I helped enact the Dairy Margin Coverage Program in the 2018 Farm Bill, and I am proud to have secured this vital year-long extension while we work to develop a bipartisan Farm Bill in the next year,” Schumer said in the release. “Today our dairy farmers can breathe a sigh of relief and raise a glass of Upstate NY-made milk and more thoroughly enjoy this Thanksgiving.”
The dairy industry is one of New York’s largest contributors to the agricultural economy. Citing data from the New York State Department of Agriculture and Markets dairy statistics, Schumer’s office said New York has about 3,200 dairy farms that produce over 15 billion pounds of milk annually, making New York the nation’s fifth largest dairy state.
DMC significance
Schumer explained the “dairy cliff” refers to the expiration of the DMC program.
It’s described as a risk-management tool that offers protection to dairy producers when the difference between the all-milk price and the average feed price (the margin) falls below a certain dollar amount selected by the producer.
The dairy industry would be the first impacted, as dairy farmers would lose out on monthly payments through the DMC, whereas farmers participating in other support programs are paid just once per year around harvest time, Schumer’s office said.
If we went “over the dairy cliff,” that would have meant an end to monthly price-support payments to dairy farmers who participate in the DMC program; supply-chain disruptions causing increased milk prices; and “potentially billions” in wasted government spending as the federal government would be forced to make milk purchases at a “highly inflated price,” the senator said.

Bassett Medical Center earns surgical safety designation
COOPERSTOWN, N.Y. — Bassett Medical Center has been named a Center of Excellence in Surgical Safety by the Association of periOperative Registered Nurses (AORN), which represents more than 200,000 surgical nurses across the country. Bassett Medical Center is one of the first hospitals in the nation to earn the designation as a Center of Excellence
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COOPERSTOWN, N.Y. — Bassett Medical Center has been named a Center of Excellence in Surgical Safety by the Association of periOperative Registered Nurses (AORN), which represents more than 200,000 surgical nurses across the country.
Bassett Medical Center is one of the first hospitals in the nation to earn the designation as a Center of Excellence in Surgical Safety: Prevention of RSI (retained surgical items), according to a Bassett Healthcare Network news release. The award recognizes that Bassett has adopted new practices in its continued safe care of surgical patients after successfully completing the months-long comprehensive, evidence-based program.
“The importance of ongoing, evidence-based education for Bassett’s surgical teams cannot be overstated,” Staci Thompson, executive VP and COO at Bassett, said in the release. “Continually enhancing our skills and practices is an essential element of our responsibility to our patients.”
The designation recognizes Bassett Medical Center for its commitment to reducing the risk of surgical errors by advancing the education of its surgical-team members in the prevention and consequences of unintentional RSI. The education raises awareness of factors that lead to RSIs, uses scenario-based immersive technology to improve skills, and helps teams mitigate risks and improve outcomes.
Unintentionally retained surgical items refer to any surgical sponge, instrument, tool, or device that is unintentionally left in a patient at the completion of a surgery or other procedure. The Joint Commission, the standards setting and accrediting body in health care, has identified RSI as the “most common sentinel event in surgical or invasive procedures.” A sentinel event is a health-care procedure that results in death, permanent harm, or severe temporary harm for the patient, according to The Joint Commission.
“We are very proud of our surgical team at Bassett Medical Center for obtaining this award,” Angela Belmont, senior VP and chief nursing executive, said. “It demonstrates the dedication of the team to reduce risks in the operating room. This is a testament to Bassett’s commitment to the highest level of patient safety.”
“As surgical procedures continue to advance and medical research reveals new methods to improve surgical patient safety practices, it is imperative that facilities and practitioners adapt their practice in the interest of patient safety,” AORN Executive Director/CEO Linda Groah said. “This Center of Excellence for Surgical Safety designation shows the community they can depend on the quality of care provided at Bassett Medical Center.”
Bassett Healthcare Network is an integrated health system that provides care and services to people living in a 5,600-square-mile region in upstate New York.

Stakeholders discuss broadband access at Binghamton conference
BINGHAMTON, N.Y. — Local and state leaders recently met in Binghamton for the Second Annual Upstate Rural Broadband Conference to highlight projects underway in the region and to identify funding opportunities to speed up the deployment of high-speed networks in the Southern Tier and Central New York regions. “Our goal is to make high-speed broadband
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BINGHAMTON, N.Y. — Local and state leaders recently met in Binghamton for the Second Annual Upstate Rural Broadband Conference to highlight projects underway in the region and to identify funding opportunities to speed up the deployment of high-speed networks in the Southern Tier and Central New York regions.
“Our goal is to make high-speed broadband available for every address, residential or business, in our eight-county region” Southern Tier 8 Regional Board Executive Director Jen Gregory said in a press release. “Our region’s economy depends on the rapid expansion of high-speed fiber networks to move data, increase access, and serve as the backbone to support advanced wireless and cloud-based networks. As data usage increases exponentially each month from streaming, gaming, and remote working, our existing networks are far beyond capacity and are in dire need of upgrading.”
During the conference, speakers from Washington, D.C.; Albany; and around the region shared insights on national policy, digital equity, funding, how to get networks built, and potential partnerships.
ConnectALL at Empire State Development is responsible for administering more than $1 billion in funds for the development of broadband networks throughout the state.
“We are working towards a more connected, equitable, and affordable future in regard to high-speed internet for all New York residents and businesses,” ConnectALL Senior VP Joshua Breitbart said.
Bob Knight, secretary of the American Association for Public Broadband (AAPB), spoke at the event, noting several federal programs are offering new guidance to make it easier for subgrantees to apply for funding.
“AAPB is proud to have helped lead the charge with over 300 organizations to get the National Telecommunications and Information Administration to relax its letter of credit requirements, which will enable more subgrantees to receive infrastructure bill funding to build high-speed broadband networks here in New York,” he said.
Knight also noted plans for this month to extend the Affordable Connectivity Program, which subsidizes broadband service to 1 million qualifying households in the state.
The conference also addressed digital equity, with stakeholders discussing how to connect traditionally marginalized groups to high-speed internet, devices, and digital-skills training.
The Bipartisan Infrastructure Law provides $65 billion in funding to support infrastructure planning, digital-inclusion initiatives, and deployment projects to connect people to technologies, skills, and resources.
“If you have the ability to get on the internet at home, consider not using it for a week,” Kira Crawford, of the Central New York Digital Inclusion Coalition, said. “What would you have to do differently and what couldn’t you do? That is just one perspective of many, including that of providers of services and businesses who rely on digital engagement, that illustrates the problem we have come together at the Upstate Rural Broadband Conference to solve.”
The Upstate Rural Broadband Conference was supported by New York’s ConnectALL and the Southern Tier 8 Regional Board.
As the development district for the Appalachian Regional Commission and U.S. Commerce Economic Development District, Southern Tier 8 Regional Board supports collaborative community and economic-development programs with partners across Broome, Chenango, Cortland, Delaware, Otsego, Schoharie, Tioga, and Tompkins counties.
Since August 2020, partners have been convening monthly to assess areas of broadband-infrastructure improvements, advocate for policy change, apply for grant opportunities, host the better connection program, and for educational opportunities.

Burger King deal bolsters revenue at PAR Technology
NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR) closed out the third quarter with a narrower loss than a year ago and high hopes for the future after landing Burger King as a new client. PAR posted a net loss of $15.5 million, or 56 cents per share, in the quarter ending Sept. 30,
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NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR) closed out the third quarter with a narrower loss than a year ago and high hopes for the future after landing Burger King as a new client.
PAR posted a net loss of $15.5 million, or 56 cents per share, in the quarter ending Sept. 30, 2023, compared to a net loss of $21.3 million, or 70 cents, in the third quarter of 2022.
PAR also reported that revenue increased 15.5 percent to $107.1 million in this year’s third quarter from $92.8 million in the year-prior period.
“I’m pleased to report we delivered a strong third quarter,” PAR Technology President/CEO Savneet Singh said in a Nov. 9 conference call with investors, analysts, and the media. He went on to highlight successes over the quarter.
“We continue to win new customer opportunities with Brink due to its mission-critical position within the restaurants and the feature-rich capabilities,” he said. Brink is PAR’s point-of-sale (POS) system.
“Brink is the growth enabler for enterprise and emerging enterprise restaurants. This proved out in Q3 as we announced the signing of Burger King as our next exclusive Brink and MENU customer,” Singh continued. MENU is PAR’s digital-ordering platform.
PAR’s products will roll out across 7,000 domestic Burger King locations. Burger King is part of Restaurant Brands International, which also includes Tim Hortons, Popeyes, and Firehouse Subs.
“It’s hard to express how transformative this new customer will be from both the strategic and the financial aspect of PAR,” Singh said. “This selection by Burger King, one of the largest and most iconic restaurant brands, is something that we will build upon for the years to come.”
Singh expects Burger King to be a strong revenue driver for PAR over the next two years as it rolls out products to restaurants.
While Burger King was the largest new customer for PAR’s MENU platform, it wasn’t the only one. Excluding Burger King, PAR signed more than 750 locations during the quarter including Scooters Coffee, Coconut Kenny’s, and Restaurant Services Limited.
PAR also posted strong results in its payment-services segment. “In Q3, we signed brands such as Rocky Mountain Chocolate Factory, Hat Creek Burger, and Coconut Kenny’s, to name a few,” Singh said. “Customers are increasingly attaching PAR payments via Brink, MENU, and Punchh, again validating our unified commerce strategy.” PUNCHH is PAR’s customer-engagement platform.
The company’s revenue beat the Zacks Equity Research consensus estimate by nearly 6.7 percent, the third time PAR has topped the estimate over the last four quarters. PAR’s stock price has gained more than 45 percent year to date through Nov. 20, and about 57 percent over the last 12-month period, according to Yahoo! Finance data.
While PAR did not provide future guidance, Zacks forecasts fourth-quarter revenue of $103.28 million.
“We are at a unique point of inflection at PAR,” Singh said. “We believe our business is winning at a higher rate than ever. At the same time, we’re observing a strong change in our financial profile. What makes us even more positive is that we believe we’re just at the beginning of a tidal wave of large deals coming to market, which should provide for long-term sustainable growth.”
Headquartered in New Hartford, PAR provides products and services to the restaurant industry including point-of-sale, loyalty, digital ordering, and back-office solutions. PAR products are in use at more than 70,000 restaurants in over 110 countries.

AIS wins $28 million cyber contract modification
ROME, N.Y. — Assured Information Security (AIS) was awarded a $28 million contract modification for full-spectrum cyber capabilities. Combined with the initial award in 2019, this brings the overall value of the contract to $74.8 million, according to an AIS news release. The initial objective of the effort was to provide the U.S. Air Force
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ROME, N.Y. — Assured Information Security (AIS) was awarded a $28 million contract modification for full-spectrum cyber capabilities.
Combined with the initial award in 2019, this brings the overall value of the contract to $74.8 million, according to an AIS news release. The initial objective of the effort was to provide the U.S. Air Force (USAF) with tools and technologies to enable rapid cyber operations.
“We are very pleased to have been awarded this contract modification to full-spectrum cyber capabilities,” Salvatore Paladino, director of cyber operations R&D at Rome–based AIS, said in the release. “It will allow us to expand the focus of the effort to analyzing and securing cyber-embedded systems and devices that comprise the Internet of Things (IoT). We believe this will help achieve USAF objectives and better connect military and civilian systems to improve quality of life, automation, and safety on military facilities both at home and abroad.”
The award was initially the result of a competitive acquisition, and two offers were received. AIS will complete the work by September 2026. The Air Force Research Laboratory Information Directorate in Rome is the contracting authority for the award.
“After years of providing full-spectrum cyber capabilities to the United States Air Force, AIS has demonstrated that its state-of-the-art tools and technologies for rapid cyber operations are critical to our nation’s cybersecurity infrastructure,” U.S. Senator Charles Schumer (D-NY) said in the release. “The Air Force made the right choice when they first awarded this contract to AIS back in 2019, and they are making the right choice again by awarding this $28 million modification to AIS now.”
“This work will strengthen our national security, provide a major boost to the upstate economy, and support the Mohawk Valley’s world-class cybersecurity workforce by securing 20 jobs in Rome for years to come,” Schumer continued.
Founded in 2001, AIS is a cyber and information-security company with more than 200 employees. It supports critical cyber operations for the federal government.

Micron official keynotes SUNY Oswego Technology Fall Conference
OSWEGO, N.Y. — A Micron Technology Inc. (NASDAQ: MU) official provided keynote remarks — discussing technology partnerships with area schools and more — at the 84th SUNY Oswego Technology Fall Conference held Oct. 26-27. Robert Simmons, head of social impact and STEM (science, technology, engineering, and mathematics) programs at Micron Technology and the Micron Foundation,
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OSWEGO, N.Y. — A Micron Technology Inc. (NASDAQ: MU) official provided keynote remarks — discussing technology partnerships with area schools and more — at the 84th SUNY Oswego Technology Fall Conference held Oct. 26-27.
Robert Simmons, head of social impact and STEM (science, technology, engineering, and mathematics) programs at Micron Technology and the Micron Foundation, was the guest speaker at the event with more than 400 attendees, SUNY Oswego said in a Nov. 16 news release.
The conference — presented by the university’s technology department — traditionally welcomes educators and professionals from different school disciplines and grade levels. Participants learn about technology and teaching techniques while networking with other educators and professionals. The conference also features commercial exhibits with the latest technology for classrooms and laboratories.
The university described Simmons’ keynote remarks as a new feature for the conference. Boise, Idaho–based Micron, a semiconductor manufacturer, has plans to build a massive campus in the White Pine Commerce Park in the town of Clay. The firm on Oct. 4, 2022, announced a planned investment of $100 billion in the region over the next 20 years.
Simmons, who started his career as a middle-school teacher, said that as Micron moved into the community, the company saw a need to support and cultivate the workforce of tomorrow. Micron knew it would need to scale up STEM partnerships and programs with educational institutions of all levels, “and we have done so, as more than 205,000 young people have received STEM opportunities to date,” he said, per the release.
Those efforts have included creating opportunities in “impoverished and economically challenged communities and for those with challenging home situations,” SUNY Oswego noted.
“Curiosity and innovation among kids and young people is a universal truth,” Simmons said. “Across societies and across generations, everybody wants to be creative, everybody wants to tinker, everybody wants to be a maker in their souls.”
Micron is working with SUNY Oswego, Onondaga Community College, Syracuse University, and many other colleges and universities, and Pre-K-12 districts across the greater Central New York region as a result. The company seeks to have its partnerships with educational institutions across the region serve as a model for how technology changes lives, Simmons said.
“This room of people and this community are parts of that story,” Simmons told a packed Sheldon Hall ballroom. “As we step into what’s next, it’s important that we all step forward together.”
Organizer reaction
SUNY Oswego technology-education professor Richard Bush, who coordinates the Technology Fall Conference, said it was successful both in terms of quantity and quality.
“We had an amazing turnout, with more than 400 people and the most vendors we’ve had since before COVID,” Bush said. “People kept coming up to me and saying, ‘this conference just keeps getting better and better.’ ”
About 95 percent of attendees were SUNY Oswego alumni, so Bush saw the conference as “particularly special” to the Laker family, he added.
“It was cool to see so many former students who are succeeding and accomplishing great things in this field,” Bush said. “This conference serves as a homecoming for our alumni.”
N.Y. manufacturing index turns positive again in November
The Empire State Manufacturing Survey general business-conditions index bounced back into positive territory by rising 14 points to 9.1 in November, its highest reading since April. The index had turned negative in October by declining 7 points to -4.6. The general business-conditions index is the monthly gauge of New York’s manufacturing sector. Based on firms
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The Empire State Manufacturing Survey general business-conditions index bounced back into positive territory by rising 14 points to 9.1 in November, its highest reading since April.
The index had turned negative in October by declining 7 points to -4.6.
The general business-conditions index is the monthly gauge of New York’s manufacturing sector.
Based on firms responding to the survey, the November reading indicates business activity “grew modestly” in New York state, the Federal Reserve Bank of New York said in its Nov. 15 report.
A positive reading indicates expansion or growth in manufacturing activity, while a negative index number points to a decline in the sector.
The survey found 33 percent of New York manufacturing respondents reported that conditions had improved over the month, while 24 percent said that conditions had worsened, per the New York Fed.
It also found that new orders “continued to fall slightly” and shipments “picked up.”
Survey details
The new-orders index held steady at -4.9, pointing to another small decline in orders, while the shipments index rose 8 points to 10.0, showing an increase in shipments, the New York Fed said.
The unfilled-orders index fell 4 points to -23.2, a sign that unfilled orders continued to decline “significantly.”
The inventories index rose 11 points to 9.1, indicating that inventories moved higher for the first time in several months. The delivery-times index was little changed at -6.1, suggesting that delivery times continued to shorten.
The index for number of employees fell 8 points to -4.5, and the average-workweek index fell 6 points to -3.8, reflecting a small decline in employment levels and hours worked. The prices-paid index edged down 3 points to 22.2, pointing to a slight moderation in input price increases, while the prices-received held steady at 11.1, a sign that selling price increases remained modest.
Looking ahead, firms became “much less sanguine” about the outlook. The index for future business conditions plunged 24 points to -0.9, its lowest level in nearly a year. Only 29 percent of respondents expect conditions to be better in six months. New orders and shipments are expected to increase only modestly, though employment is expected to grow.
The capital-spending index dropped 7 points to 3.0, and the technology index fell to zero, suggesting that capital-spending plans and technology spending plans “remained weak,” the New York Fed said.
The Federal Reserve Bank of New York distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York. On average, about 100 executives return responses.
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