August Jobs Report: Key Is Sustaining Growth

Connecticut added jobs for a fourth consecutive month in August, a trend that must be sustained, the state’s largest business organization said today.

“The private sector has added 23,900 jobs year-over-year,” CBIA economic adviser Pete Gioia said today.

“That is a very strong number but the key challenge for Connecticut is sustaining that growth.

“We have not been able to sustain positive gains month-to-month for long periods, and we need to have that to really see long-term changes in our economy.”

While Connecticut has now recovered 113% of all private sector jobs lost during the 2008-2010 recession, Gioia noted that was the slowest recovery rate of the New England states and well behind the U.S. rate of 229%.

Massachusetts has recovered 369% of lost private sector jobs, followed by New Hampshire (240%), Rhode Island (169%), Maine (144%), and Vermont (121%).

“With such robust growth at the national level, we must make sure Connecticut is part of that,” Gioia said.

“We have negative year-over-year growth for the financial sector, which is very important for well-paying jobs and very important for Fairfield County.”

In regards to the labor force, the state has now had two months of growth, despite being down 15,000 year-over-year.

“The labor force is critical to sustaining month-to-month job growth,” Gioia said.

Gioia added that despite this positive news, candidates must still focus on how they would help the state’s economy.

“The economy and jobs are still vital issues this election season.”

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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).