Connecticut's mounting job losses raise serious concerns for economic growth prospects, the state's largest business organization said today.
The state has lost 4,600 jobs (-0.3%) since January, which CBIA economic adviser Pete Gioia called a "troubling pattern."
"The U.S. has added jobs at a 0.7% rate over the same period, while our neighboring states are all seeing positive numbers this year," Gioia said.
"New Hampshire grew 1.1% and Rhode Island grew 0.9% through the first half of the year.
"The June numbers are a continuation of a troubling pattern—at a time when most other states are adding jobs."
Connecticut has recovered just 79% of all jobs lost during the 2008-2010 recession, the only New England state and one of just a handful in the country yet to reach the expansion point.
With a number of economists warning of a potential national recession in 2020, Gioia said Connecticut’s job losses "have a significant impact on economic performance and growth."
"Even more troubling is the lack of urgency from policymakers," Gioia said.
"This is a serious problem. We're in a jobs funk and we need a new policy direction to reverse what is a troubling trend."
Gioia noted that the one-tenth of a point drop in the state's unemployment rate to 3.7% was linked to a monthly decline of 3,400 in the labor force.
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 contact Joe Budd (860.244.1900).