CBIA Reaction to November 2021 Employment Report

The state’s largest business organization issued the following response to today’s release of the November 2021 employment report.

“November’s jobs report is very encouraging, with positive news across a number of key data points,” CBIA president and CEO Chris DiPentima said today.

“Connecticut has now recovered 75% of the historic 292,400 jobs lost to COVID-19 shutdowns and restrictions and the unemployment rate fell four-tenths of a point to six percent.

“That drop in the unemployment rate, the fall in first time unemployment benefits claims, and the addition of 6,600 people to the labor market are noteworthy given the impact the labor shortage is having on our economic recovery. 

“The manufacturing sector, which is critical to the state’s overall economy, also posted its best gains since May 2020, adding 1,700 jobs last month.

“The sector has now recovered 56% of COVID job losses and from speaking with manufacturers across the state, we know they are feeling the brunt of the labor shortage, an issue that’s compounded by supply chain bottlenecks and inflation. 

“While we are heartened by the November report, our overall jobs recovery still trails most of the region and country and our year-to-date growth rate of 3.4% is almost a full percentage point behind the national average of 4.3%.

“There are 72,000 fewer people working in Connecticut today than in February 2020, despite an estimated 70,000 unfilled job openings, and the state’s labor force is down five percent from pre-pandemic levels.

“Those numbers reflect the underlying structural issues that were impacting the state’s jobs market and economy prior to the pandemic, and we will continue to push for comprehensive solutions to those challenges now and during the upcoming legislative session.”

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 Ali Warshavsky (860.244.1929).