August Job Growth ‘Welcome News,’ Sustained Focus Needed

Connecticut’s largest business organization today described the state’s August employment report as “welcome news” and called for a sustained focus on job growth.

“The August jobs report for Connecticut was a welcome change,” CBIA economic adviser Pete Gioia said today. 

“We saw nonfarm jobs grow by 2,800 and the unemployment rate remained at 3.6%. In addition, the July numbers were revised up by 1,600–all positive news.”

Gioia said the state has now recovered 83% of all jobs lost during the 2008-2010 recession, with the private sector at 103%.

“Overall we’ve recovered 83% of the jobs that we lost in the recession and that also tells where we are year-to-date versus the rest of New England and the U.S.,” he said.

“If this pace of job recovery continues, we will get to full recovery by early 2020.”

Connecticut’s job growth is flat for 2019, with New Hampshire leading the region with 1.6% growth, followed by Rhode Island (1.3%), Maine (0.9%), Massachusetts (0.8%), and Maine (0.8%).

The U.S. has added jobs at a 0.8% rate through the first eight months of the year.

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 contact Joe Budd (860.244.1951).