Connecticut unemployment is unchanged
Posted on June 24, 2013
According to labor market statistics, Connecticut unemployment has remained unchanged, and the state has added jobs over the past month.
Connecticut added another 1,000 nonfarm positions in May, for the best five month start to a year of employment gains since the job recovery began at the start of 2010, according to estimates by the U.S. Bureau of Labor Statistics.
The state’s unemployment rate remained unchanged at 8.0% in May, but experienced a key turnaround in civilian labor force growth which had been on a continuous decline since June of 2010. The unemployment rate has held steady at 8.0% for four consecutive months. Connecticut’s unemployment rate is down four-tenths of a percentage point from May 2012 (8.4%).
Employment in Connecticut increased in May, up by 1,000 jobs (0.1%) over April, to a seasonally adjusted 1,650,400 positions. All of the monthly job gain was attributable to hiring in the private sector (2,400. 0.2%), while government entities declined (-1,400, -0.6%). The state has added 12,500 nonfarm jobs (0.8%) since May of last year, with private sector hiring generally stronger, adding 13,200 jobs (0.9%) in that same timeframe. Public sector employment is lower over the year (-700, -0.3%). April 2013 nonfarm job gains were revised higher by 100 to 6,400 (0.4%).
Connecticut has now recovered 58,600 positions or 48.3% of the 121,200 seasonally adjusted total nonfarm jobs that were lost in the state in the March 2008 to February 2010 employment downturn. The jobs recovery is now 39 months underway. The private sector has been more upbeat and has recovered 67,500 (59.2%) of the 114,000 private jobs that were lost during the same employment recession. At 1,650,400 in May, nonfarm jobs are currently at an employment recovery highpoint statewide.
“With the exception of a storm impacted February, Connecticut has been experiencing consistent job growth so far this year,” said Andy Condon, Director of the Office of Research. “The upward turn in labor force participation, after 35 straight months of decline, may indicate increased confidence in labor market conditions. However, there are still headwinds ahead. Federal budget sequester cuts could hinder employment growth possibilities throughout the rest of 2013.”