|But economic progress dependent on lawmakers making the right decisions on investment, economic growth |
In its November jobs report, the state Department of Labor reported that Connecticut added 4,600 jobs, which puts the nonfarm job growth pace at 25,700 since November 2013.
The state has recovered 78.3% of the total jobs lost during the March 2008February 2010 economic downturn, trailing the recoveries of neighboring Massachusetts (150%) and the nation as a whole (100%).
"Compared to what's happening in some other states and across the U.S., Connecticut still has a way to go," said Peter Gioia, vice president and economist for the Connecticut Business & Industry Association.
"But now we are within striking distance of exceeding 100 percent recovery if we continue this pace over the next 12 months."
The unemployment rate ticked up one tenth of a percentage point to 6.5%, largely due to the strong growth in entrants and reentrants into the workforce.
"What we have is a jobs recovery that is growing and appears to be strong enough to attract discouraged workers back to the workforce," said Gioia.
Gioia added that Connecticut is now ripe for growth.
"What the state needs in order to reach full job recovery is for legislators to aggressively pursue a pro-growth agenda that encourages private sector investment," he said.
Gioia continued by saying if they do that, the state may see 100 percent employment gains sooner than expected.
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.