The Department of Economic and Community Development offers loans, grants and business tax credits to qualifying businesses under a variety of program intended to boost economic activity and jobs in the state. But according to the most recent audit of the department’s 2018 and 2019 annual report, measuring the effectiveness ...
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.
On Thursday October 15, Yankee Institute held an online forum with four renowned economists who discussed the current and future state of both Connecticut’s economy and the national economy in the wake of the COVID-19 pandemic and the economic downturn. Below is a series of slides created by Chief Economist ...