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August 18, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Connecticut lost 500 jobs in November, but unemployment rate best in 12 years

Although Connecticut lost 500 net jobs in November, its unemployment rate fell to 4.1 percent — its best level in 12 years.

Since November 2017, Connecticut’s employment level grew by 23,000 jobs, a 1.4 percent increase, according to new data released by the state’s Department of Labor (DOL). The state also revised its 1,500 job increase in October by an additional 1,500 jobs, thus recording a gain of 3,000 over the month.

The number of unemployed Connecticut residents in November was estimated at 77,700, seasonally adjusted — a decline of 2,300 from October, with last month’s unemployment rate coming in at 4.1 percent.

That is the state’s lowest unemployment rate since a 15-month period that began in April 2006, when the rate held steady at 4.3 percent. The U.S. unemployment rate in November was 3.7 percent.

“It is clear that Connecticut’s labor market continues to tighten,” said Andy Condon, director of the DOL’s Office of Research. “Our unemployment rate continues to trend down into full employment territory, and nearly all industry supersectors are showing annual growth. The trade and information sectors are the only exceptions.”

The DOL added that Connecticut recovered 91.3 percent of the 119,100 seasonally adjusted jobs lost in the recession, or 108,700 jobs, with 10,400 net new jobs needed to reach an overall nonfarm employment expansion.

Pete Gioia, economic advisor at the Connecticut Business and Industry Association, observed that the state was “on track for one of the best years of growth in more than three decades,” and he expressed hope that this trajectory will continue with the new administration arriving in Hartford in January.

“It’s critical to remember that we need to sustain economic growth and momentum,” Gioia said. “Gov.-elect Lamont has said that we need a laser-like focus on economic growth, and we couldn’t agree more. We must do what we can to sustain this momentum and make sure that we don’t do anything to derail it.”