CT employment drops since September, but up year over year
October’s employment data for Connecticut offered both a trick and some treats for the state’s economy.
Connecticut lost 1,500 jobs last month compared to September, according to the state Department of Labor, but saw the economy add 4,800 workers compared October 2018. The employment data for September was revised to include an additional 1,100 jobs to create a gain of 4,700 workers in that month.
The state’s unemployment rate for October remained unchanged at 3.6 percent.
Andy Condon, director of the Office of Research at the state Labor Department, said the “annual seasonally adjusted growth of 4,800 seems low but the twelve month average gain level of 8,000 jobs is probably closer to the mark.”
The largest employment gains among the job sectors came from construction and mining, which added 700 workers. Manufacturing added 500 jobs and the leisure and hospitality sector added 400 workers.
The largest decline in employment came from the trade, transportation and utilities sector, which lost a 1,000 jobs.
Donald Klepper-Smith, chief economist and director of research for New Haven-based DataCore Partners, said that, based on the state’s current employment growth rate, “the state's economy is not likely to see full job recovery until mid-2021.”
“The odds are that both Connecticut and the nation are apt to be encountering a full-blown national recession prior to full job recovery (in the state) ... raises serious questions about the state's fiscal health over the near-term,” he said.