Unemployment Rate Drops, CT Gains Jobs
by Christine Stuart | Mar 15, 2013 11:59am
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Posted to: Business, Jobs, Labor
Connecticut’s unemployment rate dropped one-tenth of a percentage point to 8.1 percent from December to January and is on its way to recovering the jobs it lost during the recession, a Department of Labor researcher said Friday.
“Job gains in January, along with a continuing decline in Connecticut’s unemployment rate, are good news,” Labor Department Research Director Andy Condon said. “Of equal or greater importance are the changes indicated in the 2012 labor market by our annual benchmark revision process.”
The revised data for 2012 shows Connecticut’s job market continued modest gains last year.
“While the job recovery rate remains too slow to drive down our unemployment rate to more acceptable levels, it is much more in line with national trends,” Condon said.
The state’s nonfarm job levels have now reached a post-recession recovery highpoint and have made considerably more progress in gaining back lost jobs from the “Great Recession” than originally estimated by the Bureau of Labor Statistics in 2012.
Connecticut has now recovered 52,600, or 43.4 percent, of the now 121,200 seasonally adjusted total nonfarm jobs lost in the March 2008 - February 2010 employment recession. The previous nonfarm recessionary job loss was estimated at 117,500 but was revised slightly up 3,700 due to changing seasonal factors and the updated benchmark, a labor department press release says.
The private sector has regained 61,000 or 53.5 percent of the now 114,000 private jobs lost during the same recessionary downturn.
Tags: department of labor, Andy Condon, jobs, economy
(3) Comments
posted by: Nutmeg87 | March 15, 2013 12:36pm
SUPER-MALLOY…
Gov. Dannel P. Malloy is expected to announce another company will be relocating or expanding in Stamford as part of his First Five economic development program. Even Mayor Michael Pavia said he has NO IDEA?
“There’s a number of discussions I know of potential relocations to Stamford, but none to my knowledge at this time,” Pavia said. “If the state has cut a deal, we don’t know about it.”
The First Five program provides tax credits and other economic incentives for companies that relocate to Connecticut or commit to increasing their workforce. Among potential locations are the Gateway site under construction near the Stamford train station and the long-vacant 614,000-square-foot Clocktower building formerly occupied by General Re Corp. The $750 million project, to bring 1,200 jobs with the promise of adding 750 to 1,000 new jobs, was awarded up to $115 million in state tax credits under the proposal.
Of the nine companies that have taken advantage of First Five credits, four are based in or have locations in Stamford. Malloy was mayor of the city for 14 years before running for and being elected governor in 2010.
In 2011, NBC Sports Group signed a deal to bring nearly 500 jobs to the former Clairol site on the East Side for a $20 million loan. In 2012, Malloy announced $16 million for financial accounting firm Deloitte to retain more than 1,000 jobs in the state, including Stamford, and add up to 500 new jobs. Following the proposed Bridgewater move in August 2012, Malloy announced in October that Charter Communications would move its headquarters from St. Louis to offices at 400 Atlantic St. with 200 executive-level jobs in exchange for a $6.5 million state loan.
See a pattern?
In Home-Town Stamford, $115mm for 1200 jobs + $20mm for 500 jobs (NBC)+ $16mm for 1000 jobs (Deloitte)+ $6.5mm for 200 jobs(Charter) = $157mm for 2900 jobs…
Yesterday NewsJunkie reports that Malloy is borrowing (issuing CT Bond) for $290mm for New Haven (Mr Anti-Gun Senate Maj Leader Looney’s district) for 1,300 more jobs in New Haven…
AM I MISSING SOMETHING…SO MALLOY & LOONEY ARE BORROWING $MILLIONS TO BUY “JOBS” WHILE FORCING OUT THOUSANDS OF JOBS WITH HIS BAN & CONFISCATION PLANS…
SO HIS BUDDIES ARE UBS & RBC (BOTH FOREIGN COMPANIES & UBS JUST SETTLED WITH the USA FOR $HUNDREDS MILLIONS FOR SCAMMING US IN THE LIBOR RATE SCANDAL), NBC & CHARTER COMM (GUESS HE WANTS AIRTIME - ELECTION YEAR?), DELOITTE (WONDER WHO DOES HIS TAXES), AND BRIDGEWATER (LOVES THOSE HEDGE FUNDS)... MEANWHLE, THEY ARE FORCING OUT COLT. 175 YEARS OLD. EMPLOYS 600 GOOD JOBS. FOUNDED BY ELI WHITNEY IN CT (FATHER OF INDUSTRIAL REVOLUTION - INNOVATED MASS PRODUCTION)... AS WELL AS MOSSBERG, STAG, AND ASC; and OTHER SMALL-MID SIZED BUSINESSES STARTED BY CT ENTREPRENEURS AND STURM RUGER IN SOUTHPORT…
LOOSE THOUSANDS OF JOBS (COST NOTHING) ~ GAIN THOUSANDS OF JOBS (cost $157 million) ~ DEBT that our kids can pay (PRICELESS)...
IDIOTS….
posted by: ad_ebay | March 15, 2013 1:02pm
Don’t worry. Unemployment will skyrocket when the leftists shut down all firearm and accessory production in the state.
Maybe we can get some “job friendly” industries like the NFL in the state? Oh wait….
posted by: GoatBoyPHD | March 15, 2013 1:11pm
This was no surprise. As in education, if Dan Malloy doesn’t like the numbers he gets someone else to run the numbers.
Clearly CT is in an economic Boom and Dan is now happy everyone else can see that. Meanwhile MetLife ships 650 jobs South and UTC Power let 170 go this week.
Based on the robust job growth I expect the CT budget will be running a surplus as revenues are outstripping projections.
Meanwhile homeless shelters are full