CT employment drops since September, however up yr over yr

CT employment drops since September, but up year over year

October’s employment information for Connecticut supplied each a trick and a few treats for the state’s financial system.

Connecticut misplaced 1,500 jobs final month in comparison with September, in keeping with the state Division of Labor, however noticed the financial system add 4,800 employees in comparison with October 2018. The employment information for September was revised to incorporate a further 1,100 jobs to create a acquire of 4,700 employees in that month.

The state’s unemployment fee for October remained unchanged at 3.6 p.c.

Andy Condon, director of the Workplace of Analysis on the state Labor Division, stated the “annual seasonally adjusted development of 4,800 appears low however the twelve-month common acquire stage of 8,000 jobs might be nearer to the mark.”

The most important employment features among the many job sectors got here from building and mining, which added 700 employees. Manufacturing added 500 jobs and the leisure and hospitality sector added 400 employees.

The most important decline in employment got here from the commerce, transportation and utilities sector, which misplaced a 1,000 jobs.

4 of the state’s six labor market areas noticed employment will increase: Fairfield County’s labor market space — Bridgeport-Stamford-Norwalk — added 700 jobs whereas the New Haven space added 400 employees final month.

Donald Klepper-Smith, chief economist and director of analysis for New Haven-based DataCore Companions, stated that, primarily based on the state’s present employment development fee, “the state’s financial system shouldn’t be prone to see full job restoration till mid-2021.”

“The chances are that each Connecticut and the nation are apt to be encountering a full-blown nationwide recession previous to full job restoration (within the state) … raises severe questions concerning the state’s fiscal well being over the near-term,” he stated.

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