Connecticut's economy gained 2,100 jobs in November, reversing four consecutive months of losses, which CBIA economist Pete Gioia called “welcome news.”
Gioia added that the report also highlights the challenge for lawmakers returning to Hartford next month: fostering consistent economic and job growth “rather than the ups and downs we have been experiencing.”
“This is the positive change that we’ve been waiting for and mirrors the job growth information we've been hearing from many of our members,” Gioia said today.
The state Department of Labor also revised October's originally reported 7,200 losses by 1,400 to a loss of 5,800 jobs. The unemployment rate fell four-tenths of a point to 4.7%.
Jobs were added in trade, transportation, and utilities (1,600); leisure and hospitality (1,100); government (900); education and health services (700); information (400); and other services (100).
“Despite this growth, we still have some significant challenges,” Gioia said.
Construction and mining lost 1,800 jobs followed by financial activities (-400); manufacturing (-300); and professional and business services (-200).
Connecticut has recovered just 72% of the jobs lost during the Great Recession—the worst in New England. And year over year, Connecticut has only added 1,400 jobs.
“That’s less than 10% of what even the least optimistic forecasters were seeing at the beginning of 2016,” Gioia said.
“We’re pleased with the positive nudge in job numbers, we’re pleased with the unemployment rate reduction, but the underlying concerns outweigh those when you take a look at the year in review.
“We still have a lot of work to do, and the economy must remain the number one priority for lawmakers.”
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).