June Jobs Report: Financial Services Up, Other Key Sectors Down
07.21.2016
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The latest jobs report released by the Connecticut Department of Labor has generally good news for June, says CBIA economist Pete Gioia, “but it also points to some of the problems with the volatility of the numbers we’ve been seeing.”
“Connecticut added a net 7,900 new jobs in June, which is certainly a very good performance,” he says–noting, however, that at the same time, revisions to the May numbers showed a loss of 4,000 jobs. And in spite of a decline in the labor force, unemployment was up to 5.8% in June, compared to 5.7% in the previous month.
“So you balance the two months together, and you’re looking at about 2,000 jobs per month gained.”
Year over year, Connecticut has added 17,900 net new jobs, the vast majority of which (16,400) are in the private sector. In June, seven out of of 10 supersectors added jobs.
“Probably the most encouraging was that financial services, which has been lagging, added 2,200 net new jobs,” Gioia said.
Education and health services also made considerable gains last month (2,000 jobs), as did professional services (1,000).
What’s troubling are the sectors that are losing jobs.
“We saw declines of 800 jobs in manufacturing and construction,” said Gioia, “two areas which are important to the state and should be up.”
The total number of Connecticut jobs recovered since the recession now stands at 99,200 — a recovery rate of 83.3%. Compared to the U.S. recovery rate of 150% — and Massachusetts, with 250% of jobs recovered — Connecticut still has a lot of catching up to do.
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“Connecticut added a net 7,900 new jobs in June, which is certainly a very good performance,” he says–noting, however, that at the same time, revisions to the May numbers showed a loss of 4,000 jobs. And in spite of a decline in the labor force, unemployment was up to 5.8% in June, compared to 5.7% in the previous month.
“So you balance the two months together, and you’re looking at about 2,000 jobs per month gained.”
Year over year, Connecticut has added 17,900 net new jobs, the vast majority of which (16,400) are in the private sector. In June, seven out of of 10 supersectors added jobs.
“Probably the most encouraging was that financial services, which has been lagging, added 2,200 net new jobs,” Gioia said.
Education and health services also made considerable gains last month (2,000 jobs), as did professional services (1,000).
What’s troubling are the sectors that are losing jobs.
“We saw declines of 800 jobs in manufacturing and construction,” said Gioia, “two areas which are important to the state and should be up.”
The total number of Connecticut jobs recovered since the recession now stands at 99,200 — a recovery rate of 83.3%. Compared to the U.S. recovery rate of 150% — and Massachusetts, with 250% of jobs recovered — Connecticut still has a lot of catching up to do.
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, contact Meaghan MacDonald (860.244.1957).
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