November Jobs Report: Winners and Losers
Connecticut added 4,000 jobs in November, with big gains in some sectors offsetting significant losses in other industries, including manufacturing and leisure and hospitality.
The state’s unemployment rate also declined three-tenths of a point to 7.6%, marking the third successive month the rate has fallen. Unemployment was 8.3% a year ago.
In the last 12 months, the state gained 16,500 jobs, driven by the 17,900 positions added in the private sector during that period and offset by losses in government.
“Since the recovery began, we’ve seen 52% of the jobs replaced, or 63,500 out of 121,000 that were lost,” CBIA economist Pete Gioia said today.
“Sectors that were winners included trade transportation, utilities, education and health services, construction and mining, and–notably–financial services, which had been a loser for many months in a row.
“Unfortunately, though, we also had some losses–in particular, in manufacturing, business services, and leisure and hospitality.”
Sector growth, losses
According to the Department of Labor’s monthly report, trade, transportation, and utilities led all sectors with 4,700 new jobs.
Education and health services added 3,300 positions, followed by financial activities, which reversed recent trends with 1,000 new jobs, while construction and mining gained 200 jobs. The information sector was unchanged.
Leisure and hospitality, a seasonal employment driver at this time of year, surprisingly lost 1,700 jobs, while manufacturing shed 1,200 positions. Other services (-1,100), professional and business services (-1,000), and government (-200) also declined.
Shrinking labor force
“November’s strong job growth offset some declines in the third quarter returning us to the positive, though modest growth path we have seen throughout 2013,” said Department of Labor research director Andy Condon.
“A third straight month of unemployment rate declines is certainly good news, though these declines are still occurring on a shrinking labor force.”
All six labor market areas posted gains for the month, led by New Haven, with 3,300 new positions, a 1.2% increase.
Bridgeport-Stamford-Norwalk gained 1,500 jobs, followed by Hartford (1,300), Norwich-New London (900), Danbury (500), and Waterbury (200).
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