In this WXXI Business Report, a check-in with Paychex CEO Marty Mucci on the company’s latest monthly survey on employment and wage growth. Plus, there's big changes coming to the New York Federal Reserve (spoiler: the president of the NY Fed is retiring), and Alleson Athletic - a long-time family-owned sportswear company in Rochester - is being sold.

A competition in Rochester this week will decide who among more than two dozen startups will win state funding and get in on the ground floor of the region's photonics industry.

New York State is calling the initiative Luminate.  A panel of optics and photonics experts have chosen 26 finalists teams. Six are from Rochester and one is from as far away as the United Kingdom.

Local realtors are paying close attention to the tax reform debate in Congress.

A House GOP plan would limit the deduction for property taxes to $10,000. Another part of the proposal would also affect homeowners: the popular mortgage interest deduction would be capped at $500,000, down from the current $1 million.

Harris Corporation in Rochester has received another contract from the federal government for military radios.

Senator Chuck Schumer and Congresswoman Louise Slaughter both made the announcement on Friday.

Schumer says the company will be adding 30 to 40 positions. Dana Mehnert,  an official with Harris  in Rochester, tells WXXI News it is possible they may be able to do the work with current staff; adding jobs is still possible, but that hasn't been confirmed yet.

Greater Rochester Enterprise, the local business development organization, says that Matt Hurlbutt has been named President and CEO.

Hurlbutt has been in an interim role since June after Mark Peterson left for a job in Illinois.

Hurlbutt has been with GRE since 2008, and was Chief Operating Officer before he was tapped to fill in as interim leader.

Updated at 2:25 p.m. ET

The U.S. economy added 261,000 jobs in October, according to the monthly jobs report from the Bureau of Labor Statistics. The unemployment rate fell by a small notch, from 4.2 percent to 4.1 percent.

While job creation showed a rebound from hurricane season, the October result didn't meet analysts' expectations that the report would easily top 300,000 jobs.

There’s word of layoffs at Alstom Corporation in Rochester. The railway equipment company says the changes will impact about 80 jobs.

Alstom says a ‘business decision’ was announced Thursday to employees letting them know that the company is transferring manufacturing activity to other Alstom sites in the U.S.

Alstom’s statement provided to WXXI News says that “This business decision was taken after reviewing the market  and customer demand.”

McQuaid Jesuit celebrated the grand opening of the Wegman Family Science Technology Center Wednesday night.

Construction of the 36,000 square foot building began in October 2016, costing $16 million.

Tim Nally, Vice President of Enhancement at McQuaid said Jesuit education is based in the liberal arts, so adding a focus on technology is something new.

A day before President Trump was expected to name their next leader, Federal Reserve policymakers decided to hold a key interest rate steady at between 1 percent and 1.25 percent. However, analysts are still looking for a rate increase at the central bank's next meeting, in mid-December.

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U.S. Photonics Hub Coming To Rochester

What does this mean for the economy of the Rochester region?