Three Month Job Growth Streak Ends in October
Connecticut broke a three-month streak in October, posting job losses for the first time since June.
The state lost 1,500 jobs last month, despite solid gains in both the manufacturing and construction sectors.
“The October decline of 1,500 payroll jobs is the first we’ve seen since June and was particularly impacted by the loss of trade jobs,” DOL research director Andy Condon said.
The state Department of Labor’s monthly employment report did revise September’s originally reported 3,600 new jobs to a gain of 4,700.
CBIA economic adviser Pete Gioia said the state has now added 2,000 new jobs this calendar year.
At 0.1%, that represents the slowest growth rate of the six New England states and a full point slower than the national rate.
Rhode Island Leads Region
Rhode Island (1.6%) leads the region for the year through October, followed by Massachusetts (1.2%), New Hampshire (0.9%), Maine (0.9%), Vermont (0.3%), and Connecticut.
“That’s a fairly tepid number,” Gioia said. “We really need to see that increase dramatically to continue the job gain trend of July, August, and September.”
The state’s unemployment rate remained unchanged at 3.6% in October.
Four of the state’s 10 main industry sectors posted gains in October, led by construction with 700 new jobs.
Manufacturing added 500 jobs for the month, followed by leisure and hospitality (400) and information (200).
The manufacturing sector has now added 1,400 jobs (0.8%) this calendar year.
“It’s particularly important that manufacturing continued to gain jobs this month,” Gioia said. “We have seen manufacturing companies receive major contracts that will require thousands of new workers in the future.
“A continued gain in this area is absolutely vital.”
Trade, transportation, and utilities led the six declining sectors in October, shedding 1,000 jobs while other services fell 600.
The government sector (which includes municipalities and casinos) lost 500 jobs, as did financial activities.
Professional services declined by 400 jobs and educational and health services dropped 300.
Four of the state’s six major labor market areas posted gains, with Norwich-New London-Westerly and Bridgeport-Stamford-Norwalk each adding 600 jobs.
New Haven added 400 jobs, Waterbury gained 100, and Danbury was unchanged for the month,
Hartford-West Hartford-East Hartford lost 1,200 jobs in October.
EXPLORE BY CATEGORY
Stay Connected with CBIA News Digests
The latest news and information delivered directly to your inbox.