According to the latest U.S. Bureau of Labor Statistics report, 321,000 jobs were added across the country in November: a surge that could spur the Federal Reserve to raise interest rates earlier than anticipated.
Though most analysts don't anticipate higher interest rates until at least September 2015, two or three more jobs reports like this could prompt earlier action from the Fed.
While the unemployment rate remained unchanged at 5.8%, there's actually some good news behind that figure. With 119,000 people joining the labor force, we're seeing previously discouraged workers looking for jobs again. In a similar trend, Connecticut reported a gain of 3,600 jobs in October while the unemployment rate remained unchanged at 6.4%. Still, Connecticut has recovered only 74% of the jobs lost during the recession, while the nation as a whole has regained all jobs lost.
In just over a month, Connecticut legislators will be back in session to tackle a budget deficit for the current fiscal year and projected shortfalls for the next budget cycle. If lawmakers make decisions that support economic competitiveness and business growth, Connecticut will be able to take full advantage of the national economic recovery and put more people back to work.