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Connecticut finance jobs added

Posted on August 4, 2016

According to the current labor statistics, more Connecticut finance jobs were added.

Connecticut preliminary nonfarm job estimates from the payroll survey collected by the US Bureau of Labor Statistics (BLS) indicate the state added 7,900 jobs (0.47%) in June 2016 to a level of 1,693,400, seasonally adjusted. Nonagricultural employment growth for the state is now estimated at 17,900 (1.07%, about 1,492 jobs per month) over the year.

The initial release of a 1,400 state nonfarm job decline (-0.08%) in May 2016 was revised lower to a 4,000 (-0.24%) job decrease.

The unemployment rate for Connecticut in June 2016 was estimated at 5.8% (seasonally adjusted, based on the CPS – Current Population Survey of residential households), up one-tenth of a percentage point from the revised May 2016 rate (5.7%) and higher by three-tenths of a percentage point from a year ago (5.5%).

The number of unemployed state residents (2,300, 2.1%) increased in June. “Connecticut’s large swing in job growth from May to June mirrored a similar pattern nationally,” said Andy Condon, Director of the Office of Research. “While we can’t pinpoint an exact cause, it seems likely to be due to a change in seasonal pattern rather than an actual swing in labor markets.”

Connecticut’s year-to-date seasonally adjusted nonagricultural monthly employment gains are estimated to be 13,400 through June 2016. Job gains for the similar period in 2015 were 7,100. The May 2016 revised nonfarm job loss (-4,000, -0.24%) was the first monthly nonfarm job loss so far this year. The employment weakness in May (-4,000) and the relative strength in June (7,900) may indicate a shift or a different seasonal transition to the summer build-up this year.

Averaging the recent two months (1,950 each) may give a better picture of the current trend. The state’s private sector employment at 1,452,700 was also higher in June by 6,000 (0.41%) and is estimated to be higher by 16,400 jobs (1.14%, or 1,367 jobs per month) over the year.

The government supersector added 1,900 jobs (0.80%, 240,700 jobs) last month and is now positive over the year (1,500, 0.63%). Note that the data does not reflect recent retirements and layoffs in state government as the effective date for many of these affected workers is July.

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