With only a few months left in the year, it is almost certain that 2020 will mark the largest annual job loss in Connecticut’s history going back to 1960 due to the pandemic and, according to research, it is likely Connecticut will have a long and slow employment recovery. Connecticut’s ...
An error by the Connecticut Department of Labor resulted in the U.S. Department of Labor reporting Connecticut had a massive surge of 298,680 initial unemployment claims for the week ending May 9 – more than any other state in the country. But the number was off by huge margin. The ...
Amidst a severe downturn on Wall Street sparked by the COVID-19 virus and the shuttering of businesses across states to keep the spread of the virus minimal, Connecticut will face “considerable” economic fallout, according to economist Donald Klepper-Smith of DataCore Partners. Connecticut had only just recovered from the 2008 recession, ...
The incoming governor and legislature are already feuding about whether to raid the Rainy Day Fund to balance the books in 2019. Governor-elect Lamont is right about this: the Rainy Day Fund must be saved for the next economic downturn. The fiscal life of the state depends on it.
Since 2011, Connecticut has bonded nearly $1.8 billion for economic development, but the effort has produced little effect on the state’s economy. During the seven year period from 2011 through 2017, Connecticut’s gross domestic product declined 1.6 percent when adjusted for inflation, according to figures from the Bureau of Economic Analysis.