Modest Job Growth Numbers Highlight Need for Action
Connecticut employers added 900 jobs in November, a modest rebound after losing 1,400 positions the previous month.
The state Department of Labor’s latest employment report shows Connecticut has now gained just 2,800 jobs through November this year.
“That’s only 0.2% compared with 1.3% on the national level. We’re still quite weak,” CBIA economic adviser Pete Gioia said.
“If you look at the state’s own figures on key economic indicators from 2010 to 2018, Connecticut lags every other state in New England, let alone the U.S. average, particularly in terms of jobs, GDP, and population.”
Labor department research director Andy Condon said the November gain “moves us back in the right direction after October’s decline.”
“Our three-month moving average job growth figure, designed to smooth out some of the volatility in our monthly numbers, has remained positive since July,” he said.
“However, our annual growth rate in jobs remains very modest.”
Rhode Island (1.8%) leads the region in job growth for 2019, followed by Massachusetts (1.4%), Maine (0.8%), New Hampshire (0.6%), Connecticut, and Vermont (0%).
Gioia said a report released Nov. 20 by the state’s Office of Policy and Management shows Connecticut has regained just 16% of high-paying jobs lost during the 2008-2010 recession.
“When you take all this information together, it should send up an enormous red flag for our legislature,” he said.
“They’ve got to concentrate on the economy. They’ve got to find ways and pass legislation that encourages businesses to invest and create jobs in this state.”
Gioia noted Connecticut has made progress toward stabilizing its finances, citing a Dec. 17 Moody’s report highlighting the state’s growing reserve fund.
Sectors, Labor Markets
Four of the state’s 10 main industry sectors posted gains in November, with both professional and business services and education and health services adding 800 jobs.
Manufacturing added 400 jobs, other services gained 200, and the government and information sectors were unchanged for the month.
Trade, transportation, and utilities lost 600 jobs, followed by leisure and hospitality (-500), financial activities (-200), and construction and mining (-100).
Two of the state’s main labor market areas added jobs last month.
Hartford employers gained 500 net new jobs and Norwich-New London-Westerly added 400.
Bridgeport-Stamford-Norwalk lost 900 jobs, followed by New Haven (-400), Waterbury (-100), and Danbury (-100).
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