Manufacturing Remains Bright Spot in ‘Disappointing’ April Jobs Report
With manufacturing job growth up 2.8% over the last 12 months, the industry remains a bright spot in an otherwise disappointing April employment report, an economist with the state’s largest business organization said today.
“We now have two months of bad news, after four months of growth,” said CBIA economist Pete Gioia.
The state lost 1,400 jobs in April and March’s original job loss was revised down from 2,000 to a loss of 3,500. The state’s unemployment rate remains unchanged at 4.5%.
“Our unemployment rate is now tied with Rhode Island for the region’s highest, but the difference is that Rhode Island is adding jobs,” said Gioia.
The labor force has also lost 24,000 participants over the year.
“We know there are job vacancies, so a decline in the labor force is alarming,” Gioia said.
Despite manufacturing’s growth, other sectors continue to struggle.
“Finance and insurance lost 700 jobs this month and that’s a concern. You can’t have a full jobs recovery without finance,” said Gioia.
Connecticut has now only recovered 78% of the jobs lost in the recession, far behind neighboring Massachusetts and the nation.
“We still need to really concentrate on the economy as job number one,” said Gioia.
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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