Connecticut ended four consecutive months of job losses in November as employers added 2,100 positions, including 1,200 in the private sector.
CBIA economist Pete Gioia described the state Department of Labor’s latest employment report as “welcome news.”
“This is the positive change that we’ve been waiting for and mirrors the job growth information we’ve been hearing from many of our members,” Gioia said today.
The labor department also revised October’s originally reported loss of 7,200 jobs by 1,400 to a net loss of 5,800.
The state’s unemployment rate fell four-tenths of a point to 4.7%, the lowest mark in nine years.
Connecticut has lost 11,400 jobs since June and added just 1,400 jobs over the last 12 months.
Gioia said those numbers highlight the challenge waiting for lawmakers returning to Hartford next month: fostering consistent economic and job growth “rather than the ups and downs we have been experiencing.”
“Despite November’s growth, we still have some significant challenges,” he said.
“Year-over-year growth is less than 10% of what even the least optimistic forecasters were seeing at the beginning of 2016.
“We’re pleased with the positive nudge in job numbers, we’re pleased with the unemployment rate reduction, but the underlying concerns outweigh those when you take a look at the year in review.
“We still have a lot of work to do, and the economy must remain the number one priority for lawmakers.”
We still have a lot of work to do, and the economy must remain the number one priority for lawmakers.
Massachusetts leads the region in post-recession growth, adding 376,000 jobs through November—306% of all jobs that state lost during the recession.
At 2.7%, New Hampshire’s unemployment rate is the region’s lowest, followed by Massachusetts at 2.9%. Rhode Island is the only New England state with higher unemployment than Connecticut.
In a statement released today, Governor Dannel Malloy said stabilizing the state’s finances will be a key factor for fostering job growth and attracting out-of-state companies to Connecticut.
“I look forward to working with our partners in the business community during the coming legislative session on giving Connecticut the predictability we need to make smart investments and continue creating good paying jobs with good benefits,” he said.
Trade, transportation, and utilities added 1,600 jobs in November, the best of the six industry sectors that posted gains for the month.
Leisure and hospitality gained 1,100 positions, followed by government (900); education and health services (700); information (400); and other services (100).
Four of the state’s 10 sectors lost jobs during the month, led by construction and mining, which shed 1,800 positions.
Financial activities lost 400 jobs, manufacturing fell by 300 (up 500 over the last 12 months), and professional and business services dropped by 200.
New Haven was the only one of the state’s labor markets with gains for the month, adding 2,200 jobs, and has seen the best year-over-year percentage growth.
Hartford-West Hartford-East Hartford lost 4,500 jobs, Bridgeport-Stamford-Norwalk 1,100, and Norwich-New London-Westerly 200.