Fourth Straight Month of Losses; Economy, Jobs Remain Top Priority for Lawmakers
Connecticut lost 7,200 jobs in October, while September’s originally reported 5,200 loss was revised down further to 6,600.
The state has now lost 14,900 jobs since June.
“The numbers speak for themselves,” said CBIA Economist Pete Gioia.
“There were some bright spots in the report as construction and mining, manufacturing, and financial services—all core industries here in Connecticut—added jobs.
“But there’s nothing you can sugarcoat when we’re down to only 3,000 jobs year over year added in the state.”
Government contributed the highest losses (-3,000) while other services added 1,100.
Connecticut has recovered just 69% of the jobs lost during the Great Recession—the worst in New England.
Massachusetts leads the region at 301%. Maine, with 75%, is the only other New England state that has not regained all lost jobs. The United States, on average, has recovered 176%.
At 5.1%, Connecticut’s unemployment rate is the second highest in New England, with Rhode Island at 5.6%. The U.S. unemployment rate was 4.9% in October.
“It’s imperative that the economy and jobs is top priority for policymakers,” Gioia said.
“It’s the only way to get us back on track.”
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).
EXPLORE BY CATEGORY
Stay Connected with CBIA News Digests
The latest news and information delivered directly to your inbox.