Job Losses, Shrinking Labor Force Raise Economic Concerns
Ongoing job losses and a shrinking labor force are heightening economic concerns, the state’s largest business organization said today.
CBIA economic adviser Pete Gioia said while the July employment report revised June’s initially reported losses up by 600 to a loss of 800, the state has now lost 4,100 jobs in 2019.
“We continue to lag the region and the nation,” Gioia said today.
“For the year, Connecticut is down 0.2% while Massachusetts is at 0.9% job growth and the U.S. overall is at 0.8% growth.”
Gioia added that the one-tenth of a point drop in the unemployment rate is connected to the state’s shrinking labor force, which declined by 1,700 people in July.
The labor force has decreased by 14,900 people since the beginning of the year, a drop of 0.8%.
“Overall, we still have a great deal of challenges that must be addressed,” Gioia said.
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 contact Joe Budd (860.244.1900).
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