“We have seen over the last several months the labor force increasing, and for the last two months in the residential survey, we’ve seen the unemployment rate been going down, so that’s a strong move”, he said.
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Three of the six New England states – Massachusetts, New Hampshire and Vermont – already have added more jobs than they lost during the last recession.
The Department of Labor and Industrial Relations noted that the seasonally adjusted unemployment rate for the state dropped slightly to 3.4% in August, after a 3.5% rate reported in July 2016, and a down from the 3.5% rate reported at the same time in 2015.
Education and health services added the most jobs last month.
While Connecticut’s economy added just 300 jobs in August, the Labor Department readjusted the data for July from a gain of 1.700 jobs to a loss of 800.
Meanwhile, Pete Gioia, economist at the Connecticut Business & Industry Association (CBIA), called the report “bitterly disappointing”. “On one hand, we get tremendous news like Pratt & Whitney’s announcement of up to 8,000 new CT jobs over the next decade”.
“A relatively quiet month in Connecticut’s labor market as our unemployment rate continues to decline for the second consecutive month”, said Andy Condon, director of the department’s office of research and information.
CT has recovered 96,000 positions which is 81.1% of the 119,100 non-farming jobs that were lost during the recession.
“Financial services, manufacturing, and construction are key sectors to the recovery of quality jobs in the state”, Gioia said.
According to the United States Bureau of Labor Statistics, Connecticut has been experiencing steady employment growth over the year.
The private sector lost a total of 1,500 jobs, with construction shedding 1,700 positions, other services dropping 1,400 and professional and business services eliminating 800. There were 1,700 jobs lost in that sector last month.
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But finance and insurance, which is the second largest white-collar sector in the state, is growing nearly twice as fast as the job market as a whole. Government, leisure, and hospitality also saw gains. “On balance, this is a report we wish we didn’t get”.
