The November employment report signals a jobs crisis requiring bold economic reforms to jump start Connecticut's stalled economy, an economist with the state's largest business organization said today.
Connecticut lost 3,500 jobs in November according to the state Department of Labor, while the unemployment rate rose to 4.6%, the highest in the region.
"We've lost 15,300 jobs since June," CBIA economist Pete Gioia said today.
"It's difficult to define the glass as half full when we see continued job losses like this."
After hitting a post-recession high in June, Connecticut's year-over-year job growth is now flat.
The New England states average 1.2% growth over the same period, while U.S. growth is 1.4%.
We now have a full-blown crisis. Connecticut needs bold reforms to jump start our stalled economy.
"You can't deny the fact that we now have a full-blown crisis in jobs," Gioia said.
"We need bold reforms to jump start our stalled economy, and we need a retooling of our jobs pipeline.
"We know there are many thousands of jobs in manufacturing, trucking, building trades, and certain financial services that are going begging, so it's important that the administration, the legislature, and the private sector work closely together to supply employers with the skilled employees they need."
Gioia noted that the state's newly formed Commission on Fiscal Stability and Economic Growth, charged with developing specific recommendations for promoting economic growth, will report to the legislature on March 1.
"Hopefully, this group can amplify the call for the kind of reforms we need to generate much-needed job growth," he 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).