Volatility continues to impact Connecticut's job market, highlighting the need for greater policy focus on fiscal stability and economic growth, the state's largest business organization said today.
"The private sector has added 23,400 jobs year-over-year and the unemployment rate dropped to 4.2%, although it should be noted that number is still the highest in the region," said CBIA economic adviser Pete Gioia.
"So we have a mixed picture because despite growth, we see continued volatility in job numbers and a real need for stability."
Gioia noted strong monthly gains in the construction, manufacturing, and financial activities sectors.
"For the first time this year, financial activities is in the black and that's important," he said.
"We won’t gain our full economic strength until we have our two powerhouses—financial activities and manufacturing—really going strong.
"Demographic challenges with our aging workforce and a skilled talent shortage hold us back slightly, but more than that—we need more consistency month-to-month."
Gioia noted that continued losses in trade, transportation, and utilities, which includes retail jobs, follows national trends.
"So, we have good news in some of our key sectors but stability is still lacking," said Gioia.
"It will be up to those elected in November to create an environment that stimulates even stronger investment and job creation."
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).