Job Growth Continues in November
What did November mean for Connecticut’s long post-recession recovery?
About 4% of all jobs recovered since the economic downturn, according to the state Department of Labor’s monthly employment report.
The DOL reported 4,600 new jobs in November, with net year-over-year gains of 25,700 positions. The unemployment rate rose one-tenth of a point to 6.5%, as more people joined (or re-joined) the labor force.
Connecticut now has reclaimed 78% of the 119,100 jobs lost during the March 2008-February 2010 recession.
Regional, national perspective
CBIA economist Pete Gioia said while the state’s recovery appears to be gaining momentum, it was important to consider Connecticut’s economic recovery relative to the region and the rest of the country.
The U.S. unemployment rate is 5.8%, regaining all jobs lost during the recession back in February.
Neighboring Massachusetts has added 60,000 jobs over the last 12 months, with a post-recession recovery rate of 150%, and 5.8% unemployment.
“Compared to what’s happening in some other states and across the U.S., Connecticut still has a way to go,” Gioia said.
“But now we are within striking distance of exceeding 100% recovery if we continue this pace over the next 12 months.”
Gioia added that the state was “ripe for growth,” and could see a return to full employment sooner than expected if lawmakers address issues affecting Connecticut’s fiscal and economic health, including its business climate.
“What the state needs in order to reach full job recovery is for legislators to aggressively pursue a pro-growth agenda that encourages private sector investment,” he said.
DOL research director Andy Condon said the November employment report showed that holiday hiring “appeared to be above average,” while the pattern of recent gains was attracting more people to the job market.
Five of the state’s 10 industry sectors posted gains in November, led by professional, scientific, and technical services with 2,800 new jobs. That sector saw 2,000 new positions in administrative and support services, which houses temporary employment services.
Trade, transportation, and utilities added a net 2,000 jobs, with retailers accounting for the bulk of those gains with 2,200 positions filled.
The financial activities sector added 700 jobs, followed by other services and leisure and hospitality, with each gaining a modest 100 positions.
Information led the losing sectors, shedding 400 jobs, followed by construction and mining (-300), manufacturing (-200), government (-100), and education and health services (-100).
Manufacturers have added a net 700 positions over the last 12 months.
Five of the state’s six labor market areas showed gains, with New Haven the only losing region, dropping 100 jobs.
Hartford added 2,600 jobs during November, followed by Bridgeport-Stamford-Norwalk (2,300), Waterbury (500), Norwich-New London (300), and Danbury (200).
EXPLORE BY CATEGORY
Stay Connected with CBIA News Digests
The latest news and information delivered directly to your inbox.