CBIA Response to September 2023 Employment Report
The state’s largest business organization issued the following response to today’s release of the September 2023 employment report.
CBIA president and CEO Chris DiPentima called the addition of 3,300 jobs in September “a positive sign,” despite the downward revision of the August numbers.
“The August revisions, from an initially reported gain of 2,100 to just a 100-job gain, really highlight the ongoing volatility in the job market,” he said.
“We were certainly encouraged by the gains last month in the manufacturing sector, which has been particularly impacted by the labor shortage.
“The labor force also grew in September, ending eight consecutive months of declines, although that’s an area that continues to require focus.
“While we’ve added over 21,000 jobs this year, our labor force—those working and those looking for work—has shrunk by 16,400 and is down 40,000 from pre-pandemic levels.
“Connecticut has 96,000 job openings—essentially 1.5 jobs for every unemployed person in the state.
“We have the jobs—what’s needed are the people to fill those jobs as the labor shortage remains the biggest hurdle to economic growth.
“Our workplaces remain very stable, with the average salary growing 4.4% last year and our voluntary quits and total separations rates now among the lowest in the country.
“However, our hires rate is 35th best among all states, emphasizing the critical need to lower the cost of living and address the lack of workforce housing and childcare options.”
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 contact Scott Beaulieu (860.244.1929).
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