State Snaps Seven-Month Jobs Streak
Connecticut’s seven-month streak of job gains was snapped in February, with the state shedding 3,700 positions.
The unemployment rate rose one-tenth of a point to 6.4%, or nine-tenths of a point higher than the national rate of 5.5%.
The state Department of Labor did revise its January numbers, reporting an additional 1,100 positions for that month for an overall gain of 7,500.
“Overall, it was discouraging news but a mixed picture,” said CBIA economist Pete Gioia.
“Most months we’ve seen so far have had job increases. We can only hope this is just a bump in the road.”
In assessing the monthly figures, the Labor Department pointed to February’s frigid temperatures.
“Connecticut’s record cold February temperatures and stormy weather appears to have affected industry employment, hours worked, and some unemployment claims activity last month,” said research director Andy Condon.
Connecticut has only recovered 74% of the 119,000 jobs lost during the March 2008-February 2010 economic recession. The national average is 132%.
Year over year, the state has gained 25,800 positions while the labor force has increased by over 32,000 workers.
Education and health services shed 1,800 positions in February, the biggest losses of any sector. That sector has still shown the greatest gains over the last 12 months, with 8,600 new jobs.
Professional and business services lost 1,500 jobs, followed by leisure and hospitality (-900); construction and mining (-800); financial activities (-200); and government (-200).
Other services was unchanged for the month.
Just three sectors posted gains, led by trade, transportation, and utilities with 1,300 new jobs. Within that sector, retail bounced back from big losses in January with a gain of 1,800.
Information added 200 positions, as did manufacturing.
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