Connecticut Loses Jobs In Four of The Last Five Months
The preliminary numbers show Connecticut lost 3,500 jobs in November. That follows the 6,200 jobs the state lost in October. Preliminary numbers showed Connecticut lost 6,600 jobs in October, but was revised in the latest report.
“Job growth in 2017 has slowed significantly since peaking in the second quarter,” Andy Condon, Director of the Office of Research, said. “However, November’s year-over- year decline of 700 jobs does not necessarily mean Connecticut has produced fewer jobs in 2017 than in 2016. On an annual average basis, Connecticut has grown 5,000 jobs over 2016 in the twelve months ending in November.”
Connecticut has now recovered 69.9 percent of the jobs it lost in the Great Recession. The state needs an additional 35,800 jobs to be considered fully recovered.
“It’s difficult to define the glass as half full when we see continued job losses like this,” Pete Gioia, an economist with the Connecticut Business and Industry Association, said.
He added that “You can’t deny the fact that we now have a full-blown crisis in jobs.”
He said job creation needs to be at the forefront of the discussion among government officials and the private sector.
Gioia noted that the state’s newly formed Commission on Fiscal Stability and Economic Growth, charged with developing specific recommendations for promoting economic growth, will report to the legislature on March 1.
“Hopefully, this group can amplify the call for the kind of reforms we need to generate much-needed job growth,” he said.
Donald Klepper-Smith, an economist with DataCore Partners, said Thursdays report means the state has lost jobs in four of the last five months shedding 13,600 jobs in the process.
“Since June, the state’s economy has lost a significant 13,600 jobs,” Klepper-Smith said.
He said the most important data continues to suggest that full job recovery is not likely to materialize until sometime in late 2020, extrapolating those same gains out in time in linear fashion. He said that means Connecticut is not likely to revisit its prior job peak of 1,713,300 jobs achieved in early 2008 anytime soon.
Klepper-Smith added that “we’re more apt to see the onset of a domestic recession before that time.”
He said the job losses show Connecticut’s labor markets are headed in the wrong direction and that the state’s overall economy has weakened considerably since mid-2017, now lying at the edge of recession.
The November 2017 unemployment rate for Connecticut is estimated at 4.6 percent.
Paid for by Stevenson4CT, Michele Berardo, Treasurer