Jobs Numbers Must Drive State Budget Negotiations
The state lost 1,500 jobs in April, with the Department of Labor also revising the March numbers down from a gain of 1,300 to a gain of 600.
“This report should be setting off alarm bells at the state Capitol,” CBIA economist Pete Gioia said.
“Connecticut continues to trail the region and the country in job and economic growth.”
Gioia said job growth must be the guiding principle for lawmakers as they work to resolve the state’s $5 billion budget deficit.
“It’s imperative that the state’s budget rebuilds confidence to create solid business investment that leads to jobs here in the state. The two are intertwined,” he said.
“We can’t expect to add jobs and grow the economy without solving our fiscal issues.”
Connecticut has added 5,500 jobs (0.3%) since April 2016, the slowest year-over-year growth of the New England states.
New Hampshire leads the region with 1.8% job growth over that period, followed by Massachusetts (1.6%), and Rhode Island (1%). The U.S. added jobs at a 1.5% rate over the last 12 months.
“Connecticut is a serious outlier,” Gioia said.
Connecticut has recovered 75% of the total jobs lost during the recession, also the slowest recovery in the region.
The state’s unemployment rate rose one-tenth of a point in April to 4.9%, highest in the region. The U.S. unemployment rate is 4.4%.
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 email or call Meaghan MacDonald (860.244.1957).
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