Private Sector Leads the Way with 4,900 jobs gained
Connecticut's long climb to economic recovery saw some positive news with 3,600 jobs added in October, all coming from the private sector.
In releasing its monthly employment report, the state Department of Labor reported its ninth consecutive month of private sector gains (4,900). This year, the private sector is averaging a monthly rate of 2,210 jobs gainedlargely due to much higher than expected job gains in September.
The unemployment rate held steady to 6.4%.
"This is a positive number," said Peter Gioia, vice president and economist for the Connecticut Business & Industry Association. "This means the unemployment rate that has dropped through the course of the year is real and not brought about by labor force changes."
The state now has regained 74% of the 119,100 jobs lost during the March 2008-February 2010 recession. The national economy regained all lost jobs earlier this year and Massachusetts has recovered 150% of jobs lost.
"While this is good news and continues a pattern of growth for the Connecticut economy, we still have a long way to go," said Gioia.
This good news is tempered by the fact that Connecticut is projecting budget deficits for the current year and next budget cycle.
Gioia said it was critical that "we make smart decisions to improve Connecticut's economic competitiveness if we want to see continued positive job growth."
CBIA is Connecticut's largest business organization, with 10,000 member companies. For more information, please contact Meaghan MacDonald (860.244.1957; firstname.lastname@example.org) or visit the CBIA Newsroom.