Today's news out of the U.S. Department of Labor could spell more success for Connecticut's employment situation, which has now seen four months of growth, if the state continues to improve its economic competitiveness.
According to U.S. Bureau of Labor Statistics report released today, 288,000 jobs were added across the United States in June, above last month's gain of 217,000.
"For this quarter, we're averaging 272,000 jobs a month and that's the best quarter since 2010," said Peter Gioia, economist for the Connecticut Business & Industry Association.
"Add this to the factor that we've had four months of gains in Connecticut and we do set the stage for continued gains in Connecticut," said Gioia.
Increased economic activity on the U.S. level means more potential markets for Connecticut-made manufactured goods and Connecticut-based services sold across the country such as insurance, said Gioia.
"In order for Connecticut to take advantage of the U.S. economy's growth and see greater job growth here, businesses need to be confident that investing in Connecticut is prudent for their business," said Joe Brennan, executive vice president of CBIA.
CBIA and many other organizations have started a campaign to improve Connecticut's economic competitiveness and national rank as a good place to do business.
"Reducing regulatory red tape and business costs, and continuing to improve education and our infrastructure will allow companies grow, hire more people, contribute in a greater way to the state economy, and take advantage of an improving U.S. economy."
Last month, Connecticut reported a gain of 5,800 jobs in May, marking a fourth straight month of employment increase. The unemployment rate remained unchanged from the previous month at 6.9%.
Also at that time, Connecticut has only recovered 60% of the jobs lost during the recession, while the nation as a whole has regained all jobs lost.
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.