Connecticut Has Recovered 90% of Jobs Lost in ‘Great Recession’

HARTFORD, CT—Despite negative headlines of rising taxes and corporate move-outs, including the high-profile relocation of GE from Fairfield, CT to Boston, outgoing Connecticut Gov. Dannel Malloy says the employment picture in the Nutmeg State is much different.

In fact, the latest labor statistics released by the Connecticut Department of Labor on Thursday shows that the state saw an increase of 1,500 net jobs for the month of October and that in the past 12 months Connecticut gained 25,700 private sector jobs. The October employment report represented the 99th consecutive month where monthly private sector job numbers in Connecticut exceeded the numbers in the same month in the previous year.

Connecticut’s October unemployment rate remained unchanged from the previous month at 4.2%, seasonally adjusted and was down three-tenths of a percentage point from a year ago when it was 4.5%. The US jobless rate in October 2018 was 3.7%, unchanged from September 2018.

Gov. Malloy says, “Over the past year, Connecticut has created more than 25,000 private sector jobs, and we now have the most private sector jobs in state history. While month-to-month employment numbers will fluctuate, we should be encouraged that the long-term trend shows steady growth. The work we have done over the past eight years, including partnerships with large and small employers across the state, is paying off.”

Connecticut has now recovered 90.4% or 107,700 jobs of the 119,100 seasonally adjusted jobs lost in the “Great Recession” that devastated the US economy from March 2008 to February 2010. The job recovery is into its 104th month and the state needs an additional 11,400 net new jobs to reach an overall non-farm employment expansion, Department of Labor officials state.

The state’s private sector continues its expansion from the recession and is at 114.2% (127,600) of the private sector jobs lost during that time period.

“A relatively quiet month in October offset losses we experienced in September,” says Andy Condon, director of the office of research for the Labor Department. “Most employment supersectors are showing annual growth with the exception of the trade, information and government supersectors.”

Private sector employment grew by 1,200 (0.1%) to 1,474,100 jobs over the month in October, and added 25,700 (1.8%) seasonally-adjusted jobs over the year. The government supersector added 300 jobs in October to a total of 227,800, with over-the-year losses now at 3,400 or -1.5%. The government supersector includes all federal, state and local employment, including public higher education and Native American casino employment located on tribal land.

Six of the 10 major industry supersectors gained employment in October, while three declined and the construction & mining supersector remained unchanged at 63,500 total jobs. Financial activities led growing sectors with 900 net new jobs (0.7%, 129,700).

Professional and business services added 700 jobs (0.3%, 223,000) while manufacturing (0.2%, 164,700) and government (0.1%, 227,800) each contributed 300 new jobs. The education and healthcare services (0.0%, 341,900) and information (0.3%, 30,500) supersectors each grew by100 positions.

.The trade, transportation and utilities supersector once again led in job declines, shedding 400 jobs (-0.1%, 295,800) in October. Other services dropped 300 jobs (-0.5%, 65,500) in October while leisure and hospitality (-0.1%, 159,500) saw a small loss of 200.

In terms of geographic local market areas, the New Haven LMA posted 1,300 net new positions (0.5%, 287,300); the Hartford LMA added 800 jobs (0.1%, 582,500), while the Norwich–New London–Westerly, RI LMA saw an increase of 200 (0.2%, 132,600).

The Danbury LMA (0.1%, 79,200) added 100 jobs; the Waterbury LMA shed 300 jobs (-0.4%, 66,800) while the Bridgeport-Stamford-Norwalk LMA (-0.0%, 408,900) saw a small loss of 100 jobs.