Focusing on the Economy

Federal Reserve Bank of New York President and Chief Executive Officer William C. Dudley speaks in the Recital Hall.

The President and Chief Executive Officer of the Federal Reserve Bank of New York came to Onondaga Community College to discuss the present state of the economy and the job market. William Dudley spoke in the Recital Hall of the Academic II building Monday, September 25.

Dudley predicted The Federal Reserve would gradually raise interest rates and said the fundamentals of the economy are sound. Locally Dudley said the labor market is evolving and becoming better positioned for the future. “The Syracuse economy has changed dramatically from where it was 25 years ago. The manufacturing sector has been cut in half since then. The transition has been painful but now there is a more diversified economy as a result.”

Dudley told the audience creating jobs in today’s economy requires more education and more skills than ever before. “Workforce Development has to be a top priority for all involved. There is no silver bullet or one size fits all solutions. It requires a holistic approach which includes partnerships, programs and placement.”

Dudley spoke for approximately 30 minutes before taking questions from those in attendance. Following his presentation, he held a closed-door meeting on campus to discuss workforce development with key stakeholders.

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