Adding a little bit of seasonal cheer, Connecticut's November jobs report showed a gain of 300 jobs, a revision of 200 more jobs in October, and an overall drop in the state’s unemployment rate to 8.8%.
However, "Despite the welcome addition of jobs and the lower unemployment rate," said CBIA Vice President and Economist Pete Gioia, "the report continues to demonstrate weakness in Connecticut’s economy.
Private-sector employers added 600 jobs in November, for a gain of 4,100 positions since November 2011. Connecticut is now back on the plus side for the year in overall nonfarm jobs gained, with 900 positions added.
However, Gioia pointed out that the decline in the unemployment rate is largely due to a drop of 11,100 individuals from labor-force participation (the number is 34,900 over the year). Connecticut’s unemployment rate also remains well above the national rate of 7.7%.
What’s more, two of the state’s economy-driving sectors—manufacturing and finance—continued to shed jobs and are among the largest job-losers in the 12 months since last November.
Many of the jobs gained in November were in areas that do not pay as well or as dynamic in terms of multiplying economic activity as Connecticut’s manufacturing and finance sectors.
Still, the state has registered five months of job gains in 2012, five months of losses, and one flat.
“With the opening of the 2013 session of the General Assembly just weeks away,” said Gioia, “these sobering numbers should make economic growth a major priority for every legislator on both sides of the political aisle.”