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N.Y. employers expect 6% or higher rise in medical costs

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Service firms in the metropolitan region and factories across the state expect their cost for medical insurance and other employee benefits to increase more than 6 percent this year, according to the Federal Reserve Bank of New York.

news2The bank, in a survey of retailers and other service firms on Long Island, in New York City and its northern suburbs last month, found they are forecasting their employee benefit costs to rise an average of 6.6 percent this year. That’s on top of an average increase of 6.3 percent in 2017.

In a similar poll of manufacturers in New York State, the bank found they are expecting their employee benefit costs to rise 6.2 percent this year after increasing 6.3 percent in 2017.


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