October Jobs Report: ‘Numbers Speak for Themselves’

Connecticut posted a fourth consecutive month of job losses in October, with employers shedding 7,200 positions.
The state’s Department of Labor reported that private sector employment fell by 4,200 jobs, or 0.3% for the month, while the public sector lost 3,000, dropping 1.3%.

September’s numbers, originally reported as a decline of 5,200 jobs, also were revised down further to a loss of 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.”

Post-Recession Recovery

In the six-and-a-half years since the recession ended, Connecticut’s recovered just 69% of all lost jobs, the worst recovery rate in New England.
Maine, at 75%, is the only other New England state that has not regained all lost jobs. Massachusetts has recovered over 300% of jobs lost during the 2008-2010 downturn and leads the region.
The United States, on average, has recovered 178%.
The state’s unemployment rate fell three-tenths of a point in October to 5.1%, the second highest in New England after Rhode Island (5.5%). New Hampshire, at 2.9%, has the region’s lowest unemployment.
The U.S. unemployment rate fell to 4.9% in October.
Gioia said the state’s continuing slide in job growth reinforces the need for newly elected lawmakers to work together and turn Connecticut’s economy around.
“It’s imperative that the economy and jobs is top priority for policymakers,” he said.
“It’s the only way to get us back on track.”

Industry Sectors

Four of the state's 10 industry sectors added jobs in October, led by other services, with 1,100 new positions.
Construction and mining gained 800 jobs, followed by manufacturing (600; up 1,4000 over the last 12 months) and financial activities (200).
The government sector, which includes casino employment, shed 3,000 jobs, the worst of the losing sectors. Over the last 12 months, that sector is down a net 1,800 jobs.
Professional services lost 2,600 jobs last month, followed by education and health services (-1,700); leisure and hospitality (-1,400); trade, transportation, and utilities (-900); and information (-300).
Hartford-West Hartford-East Hartford labor added 700 jobs, the only regional labor market area to post gains in October.
Both New Haven and Bridgeport-Stamford-Norwalk lost 2,600 jobs, while Norwich-New London-Westerly dropped 300 positions.