Connecticut lost 2,200 jobs in October, signaling the state's economy is still struggling to get on its feet, according to CBIA economist Pete Gioia.
“Year over year, the state has added 24,100 jobs but this labor report is disappointing,” Gioia said today.
This news, Gioia emphasized, raises the urgency for state lawmakers to continue to create a fiscally sound environment where business can flourish and thrive.
Gioia also noted that manufacturing, a critical industry in the state, lost 800 jobs.
The unemployment rate dropped to 5.1%, the lowest it’s been since March 2008.
That wasn’t due to positive activity within the economy, Gioia noted, blaming the drop in labor force (-3,223) for the decreased unemployment rate.
Connecticut has recovered 84.1% of jobs lost during the Great Recession.
The U.S. has recovered 142% of jobs.
“We still have a lot of work to do,” said Gioia.
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).