Can Connecticut Sustain Positive Job Growth?
Connecticut added 1,500 jobs in October and has now gained 22,300 jobs in the last 12 months.
The picture for the state’s private sector job growth is even more positive, with 25,700 jobs added year-over-year, led by strong gains across a number of industries.
Gioia said that based on year-over-year employment trends, Connecticut is poised for what could be the state’s strongest annual job growth in more than three decades.
“The year-over-year numbers are starting to become fairly impressive,” he said.
“At 25,700 private sector jobs, we’re seeing the potential for one of the best years we’ve had since the 1980s.
“We also saw gains in almost all of the labor market areas, so this was a broad-based if modest report.”
The October gains helped offset September’s loss of 1,400 jobs. The state Department of Labor revised that month’s initial reported loss down by 900 jobs in its latest report.
The state’s unemployment rate remained unchanged at 4.2%, the highest of the New England states and a half percentage point higher than the national average.
Connecticut has now recovered 90% of all jobs lost during the 2008-2010 recession, the slowest in the region, and is one of just a few states in the country yet to reach full recovery.
The important thing is for policymakers to continue this growth and, if possible, accelerate it and not do damage.
He said the new administration and General Assembly can drive continued growth by focusing on the state's key economic challenges, including fiscal stability, the business climate, and workforce development .
"The important thing right now is for policymakers to do things that will continue this growth and, if possible, accelerate it and not do damage," he said.
Sectors, Labor Markets
Six of the state's 10 industry sectors added jobs in October, led by financial activities with 900 new positions. That was the second straight month of gains for the sector, which is now up 2,100 jobs (1.6%) over the last 12 months.
Professional and business services gained 700 jobs, followed by manufacturing (300), government (300), education and health services (100), and information (100). Construction was unchanged for the month.
Trade, transportation, and utilities continued its decline, losing 400 jobs. That sector is down 1,600 jobs (-0.5%) year-over-year.
Other services lost 300 jobs and leisure and hospitality shed 200 positions.
Four of the state's six main labor market areas added jobs in October, led by New Haven with 1,300 new positions.
Hartford gained 800 positions, followed by Norwich-New London-Westerly (200) and Danbury (100).
The Waterbury area lost 300 jobs and Bridgeport-Stamford-Norwalk declined by 100.
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