Connecticut's November job gains were a welcome sign of recovery, an economist with the state's largest business organization said today.
The state reversed two months of declines, adding 5,100 jobs in November across a broad range of industry sectors.
“Overall, we do see a welcomed recovery in this report following what was two very disappointing reports in October and September,” CBIA economist Pete Gioia said following the release of the November jobs report.
Gains covered a wide range of industries, led by leisure and hospitality, which added 1,500 jobs, and trade, transportation and utilities, with 1,100.
Manufacturing evened out with 800 new positions, after losing the same amount last month.
The unemployment rate remained at 5.1%, the lowest since March 2008. Year over year, the state has added 26,800 jobs.
Connecticut has recovered 88.8% of total jobs lost during the Great Recession.
The private sector has recovered 101.6% or 113,400 of jobs lost during the March 2008-February 2010 economic downturn.
In comparison, Massachusetts added 5,900 jobs in November and has an unemployment rate of 4.7% while the United States added 211,000 jobs with unemployment at 5%.
In national economic news, Gioia noted yesterday’s decision by the Federal Open Market Committee was widely expected.
“It’s a fairly benign impact from what we’ve seen,” said Gioia.
It will, however, increase the value of the dollar versus foreign currencies predicting challenges for exporters, and firms and countries with dollar denominated debt.
Gioia also added that the consensus amongst economists is that, by this time next year, the rate increase becomes a full one percentage point. He anticipates three rate increases in 2016.
What this means for Connecticut employers remains unseen, noted 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).