Latest Jobs Numbers Highlight Need for Urgent Action in Legislature

Connecticut faces renewed economic concerns after new employment figures revealed a disappointing gain of just 11,600 jobs in 2015, revised down from initial estimates of 22,600.
“The economy still has some challenges with it,” said CBIA economist Pete Gioia, noting 2015 represented the second slowest year for job growth since the recession ended in 2010.
“Yes, we’re growing but we’re growing at perhaps a slower pace that we anticipated or hoped for.”
The state has now recovered 72.8% of jobs lost during the recession. The private sector has seen more growth, regaining 86%.
Unemployment in the state rose one-tenth of a point in January to 5.5%. The national jobless rate is 4.9%.
According to the Department of Labor’s report, the state gained only 900 jobs in January, mostly in leisure and hospitality (2,000) and other services (900).
The education and health services sector saw the largest drop (-2,300) followed by professional and business services (-1,300), and trade, transportation, and utilities (-1,300).
“This report confirms the need for the state to change it way it does business,” Brian Flaherty, senior vice president of public policy of CBIA, said today.
“This should be a call to action for lawmakers–that without immediate, urgently needed reforms, the state faces an uncertain future.”

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).