Connecticut jobs added
Posted on December 28, 2012
Growth is happening and more Connecticut jobs are being added.
November 2012 preliminary employment estimates, prepared by the U.S. Bureau of Labor Statistics (BLS) and the Connecticut Department of Labor, suggest a slightly improved labor market in the state this month. The unemployment rate dropped two-tenths of a percentage point and the state added 300 jobs in a November month hampered by a major storm recovery.
Employment increased by 300 jobs, or less than 0.05%, to 1,625,400. The state’s nonfarm payrolls have returned to positive in over-the-year job growth (900, 0.1%) after over-the-year employment declines in September and October. This is the fifth monthly job gain in 2012, along with five months of losses, and one month with no change in employment.
The three month moving average of nonfarm payrolls, used to address sampling volatility (page 7.), has increased for the first time since July 2012. The October preliminary estimate of a 1,200 (0.1%) job gain was revised 200 higher on final revision for a 1,400 increase (0.1%). The first eleven months of 2012 have now produced job growth of just 1,900 positions.
“November’s job and unemployment numbers are encouraging, especially in the light of the challenges that Hurricane Sandy brought,” said Andy Condon, Director of the Office of Research at the Connecticut Department of Labor. “However, the continuing trend of civilian labor force decline driven primarily by previously working individuals’ causes concern that we are seeing a fundamental shift in the demographics of Connecticut’s workforce. We will be watching carefully to see if this trend continues or is a temporary movement.”
Connecticut has recovered 30,700, or 26.1%, of the 117,500 total nonfarm jobs lost in the March 2008 – February 2010 recessionary period.
The private sector has regained 42,000 (38.1%) of the 110,200 private jobs lost during the downturn. It is now two years, nine months into the nonfarm employment recovery in the state. Government (-11,300), financial activities (-4,400), manufacturing (-2,100), and construction and mining (-300) have continued to lose jobs (net) even after the recovery began in February 2010.
The leisure and hospitality supersector, on the other hand, has regained all (109.3%) of the jobs it lost in the Great Recession. The current job recovery high point in Connecticut (1,634,900) was reached in February 2012 during the record warm winter nine months ago.