Latest Jobs Report Puts Focus on Workforce Development
“Not only did we lose 6,600 jobs in October, the labor force shrank again,” CBIA economist Pete Gioia said.
“We hear from companies daily, particularly manufacturers, that they can’t find qualified workers and until we fix this problem, we may continue to see disappointing or subpar reports.
“The lack of job growth highlights our workforce development concerns; we’re not keeping pace with the number of retirements.”
Workforce development should be job one going forward for Connecticut to turn this situation around.
"Despite last month's revision, we still have a year-over-year job gain of 1,400 (0.1%) compared to over 11,000 that we saw earlier this year," he said.
"This month-after-month decline indicates a very troubling trend."
Connecticut has recovered just 73% of all jobs lost during the recession. While the private sector is performing better, regaining 92%, it has shrunk since crossing the 100% milestone in June.
"Workforce development should be job one going forward for Connecticut to turn this situation around," Gioia said.
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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