February Brings Job Growth, Must Maintain Momentum
The state added 2,600 jobs in February, but there are still concerns over history repeating itself, says an economist with the state’s largest business association.
“This is another positive report, and it’s great to start the year with two months of growth,” said CBIA economist Pete Gioia.
“Now we need to make sure that we maintain this momentum, and be watchful of the factors that can erode job growth.
“The most glaring example is business confidence in things like the state budget, and since we find ourselves in another deficit, it’s critical that lawmakers create an environment where businesses feel confident to invest and create even more jobs.”
Construction and mining added 1,500 jobs last month followed by leisure and hospitality (1,100); financial activities (700); education and health services (300); other services (100); and government (100).
Professional and business services lost 1,000 jobs while the manufacturing and information sectors each lost 100 jobs.
“Over the year, these sectors [professional and business services and manufacturing] are considerably up. We’ve actually added 5,500 manufacturing jobs year-over-year,” said Gioia.
The state’s unemployment rate ticked up to 4.6% and remains the highest in New England.
Connecticut has recovered 82% of all jobs lost during the 2008-2010 recession and 102% of the private sector jobs lost, the slowest growth rate of the six New England states.
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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