The U.S. Bureau of Economic Analysis released state-by-state personal income growth figures for the first quarter of 2019 that showed Connecticut near the bottom of the list, placing 48th overall for income growth. Connecticut residents’ personal income grew only 1.5 percent — the lowest in the eastern half of the ...
Connecticut loses jobs for third month in a row
The Connecticut Department of Labor released Thursday job numbers for September showing a loss of 5,200 non-farm jobs in the state.
“Connecticut saw job losses in September for the third month in a row and our three month average of total non-farm jobs saw its first decline this year,” Andy Condon, director of the DOL Office of Research, said in a statement.
Both the private and public sectors saw losses of employment. The private sector lost 2,700 jobs while the public sector lost 2,500. During the year of 2016, employment growth has only been .8 percent, roughly equal to 12,800 jobs.
The report also offered revised job numbers in August from a gain of 300 to a loss of 300 jobs.
Only three of the ten major super-sectors of employment saw gains. The government super sector saw losses tied to retirement and state layoffs. Connecticut’s largest employment sector, leisure and hospitality, saw a loss of 1,500 jobs.
Education, health services, financial activities, information and manufacturing all experienced job losses over the course of September.
Initial unemployment claims were up 8.7 percent over September 2015 and up 2.7 percent for the year.
As noted in the report, Connecticut has only recovered 76.2 percent of the jobs lost during the 2008-2009 recession lagging far behind Massachusetts, according to a Commission on Economic Competitiveness report written by the consulting firm McKinsey. Furthermore, the report notes, job gains have largely been in low-wage sectors.
The Bridgeport-Stamford-Norwalk labor market area saw the biggest decline in employment, dropping .3 percent over the course of the month. The New London, New Haven and Hartford area all saw similar declines in job numbers ranging from 500 – 1,200 jobs lost.
Days after United Technologies announced it will move its corporate headquarters to the Boston area following a merger with Raytheon, a new policy paper from the Yankee Institute highlights many of the mistakes made by Connecticut regarding business in the state — especially forking over money to corporations. Coauthored by ...