CBIA Response to July 2023 Employment Report
The state’s largest business organization issued the following response to today’s release of the July 2023 employment report.
“July’s rebound, with employers adding 2,900 jobs, is certainly welcome given June’s disappointing losses,” CBIA president and CEO Chris DiPentima said.
“However, the pace of growth is not meeting the demands of Connecticut’s economy—our 12-month job growth is just 1.3%, in the bottom five states.
“The labor force—those working and those looking for work—declined for a seventh consecutive month in July and is down 41,100 people or 2.1% from pre-pandemic levels.
“Employers are losing patience and the longer this crisis continues, the greater the risk that companies will look elsewhere to meet their workforce needs.
“We have 91,000 job openings. Even if every unemployed person was hired tomorrow, we’d still have 22,000 unfilled positions.
“The demand is there, we have targeted workforce development programs in place, but we simply don’t have the people in Connecticut to fill those jobs.
“Businesses are playing their part—salaries jumped 4.4% last year with Connecticut wages the fifth highest in the country.
“Our voluntary quits and separation rates are eighth lowest among all states, further illustrating the stability of our workplaces.
“Connecticut has many competitive advantages, but they’re being eroded by the labor shortage crisis.
“Policymakers must show a sense of urgency and address issues like the cost of living, housing, and the high cost of doing business here.
“Time is running out.”
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 (860.244.1951).
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