CBIA: ‘Troubling’ Jobs Trend Raises Concerns Over Economic Growth Prospects
Connecticut’s mounting job losses raise serious concerns for economic growth prospects, the state’s largest business organization said today.
The state has lost 4,600 jobs (-0.3%) since January, which CBIA economic adviser Pete Gioia called a “troubling pattern.”
“The U.S. has added jobs at a 0.7% rate over the same period, while our neighboring states are all seeing positive numbers this year,” Gioia said.
“New Hampshire grew 1.1% and Rhode Island grew 0.9% through the first half of the year.
“The June numbers are a continuation of a troubling pattern—at a time when most other states are adding jobs.”
Connecticut has recovered just 79% of all jobs lost during the 2008-2010 recession, the only New England state and one of just a handful in the country yet to reach the expansion point.
With a number of economists warning of a potential national recession in 2020, Gioia said Connecticut’s job losses “have a significant impact on economic performance and growth.”
“Even more troubling is the lack of urgency from policymakers,” Gioia said.
“This is a serious problem. We’re in a jobs funk and we need a new policy direction to reverse what is a troubling trend.”
Gioia noted that the one-tenth of a point drop in the state’s unemployment rate to 3.7% was linked to a monthly decline of 3,400 in the labor force.
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 contact Joe Budd (860.244.1900).
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