Job Gains Welcome News as Private Sector Passes Recession Benchmark
The state’s gain of 4,100 jobs in May is welcome news, and could signal the start of moderate growth for Connecticut’s private sector, said an economist with the state’s largest business organization.
“After two months of job declines, Connecticut is starting to see the benefits of a growing national economy,” said CBIA economist Pete Gioia.
“We just need more consistency month to month.”
In May, the largest gain was seen in trade, transportation, and utilities (2,600) followed by other services (1,000), education & health services (500), leisure & hospitality (500), and financial activities (400).
Mining and construction lost 300 jobs followed by professional & business services (200), information (200), and government (200).
Last month, the private sector grew by 4,300 jobs and has now gained back all the jobs lost (102%) in the 08-10 recession. Overall, the state has recovered 81% of total jobs lost.
“Certainly, the private sector is starting to grow at a moderate rate,” said Gioia.
He also noted that the state is starting to see year-over-year trends that are more positive.
“The biggest concern is that the labor force shrank again,” said Gioia.
“We have so many vacant good, well-paying jobs available and we need a labor force to fill those jobs as rapidly as possible.”
The state’s unemployment rate remains unchanged at 4.5%, still above the national average of 3.8%.
CBIA is Connecticut’s largest business organization, with thousands of member companies, small and large, representing a diverse range of industries from every part of the state. For more information, please email or call Meaghan MacDonald (860.244.1957).
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