Jobs Report: ‘Long Way to Go’

03.15.2013
Economy

January brought a glimmer of hope for Connecticut’s long, slow recovery from recession, with the state adding 4,700 jobs to begin the New Year.
And the unemployment rate fell one-tenth of a point, to 8.1%, the lowest in seven months, according to the state Department of Labor’s monthly employment report.
The agency also released revised figures for 2012, reporting modest job gains for the year instead of the slight losses it initially reported.
Recession’s impact
CBIA economist Pete Gioia treated the latest figures cautiously, noting that the recession’ s impact still lingers in the state.
“We’ve only recovered 52,600 jobs that we lost during the recession and that’s a recovery rate of only 43%,” Gioia said today.
“So despite the good news in this latest report, we still have a long way to go.”
National trend
Andy Condon, the labor department’s research director, said the January report showed Connecticut’s economic recovery was “more on track” with the national trend than previously thought.
“Job gains in January, along with a continuing decline in Connecticut’s unemployment rate, are good news,” he said.
“The revised data show that Connecticut’s job market continued on the modest, but positive
recovery path established in 2011.
“While the job recovery rate remains too slow to drive down our unemployment rate to more acceptable levels, it is much more in line with national trends.”
Sector gains, losses
Six of Connecticut’s 10 major employment sectors posted gains in January, led by professional and business services, which added 2,900 jobs.
Retailers drove most of the 1,200 new jobs in the trade, transportation, and utilities sector. Construction and mining added 900 jobs, with other services (500) and financial activities (200) making slight gains.
Manufacturing was flat for the month and now employs 163,200 people. The sector has lost 3,000 positions since January 2012.
The public sector lost 1,500 jobs in January, with local government (which includes casinos) posting the greatest losses. Education and health services lost 500 positions while information lost 300.
Labor market areas
Four of the state’s six labor market areas registered gains, led by the 2,300 positions added in Hartford-West Hartford-East Hartford.
Bridgeport-Stamford-Norwalk gained 1,200 positions, with Danbury and Norwich New London adding 200 apiece.
New Haven lost 800 positions and Waterbury lost 500.

Tags:

Leave a Reply

Your email address will not be published.

Stay Connected with CBIA News Digests

The latest news and information delivered directly to your inbox.

CBIA IS FIGHTING TO MAKE CONNECTICUT A TOP STATE FOR BUSINESS, JOBS, AND ECONOMIC GROWTH. A BETTER BUSINESS CLIMATE MEANS A BRIGHTER FUTURE FOR EVERYONE.