Connecticut unemployment rate drops
Posted on August 18, 2014
The latest labor statistics show that in July, Connecticut unemployment dropped to 6.6%.
According to the Bureau of Labor Statistics, Connecticut added 2,400 total nonfarm jobs (0.1%) in July. This is the sixth consecutive monthly increase and the state has now added 9,200 jobs (0.6%) over the year. June’s preliminary nonfarm job gain of 1,700 was revised up to 2,200 (0.1%) as well.
This boosts the current nonfarm employment recovery highpoint for Connecticut to 1,670,300 jobs (64.1% of job loss recovered). The core private sector July job gains were even stronger (3,100, 0.2%). The private sector has now added 17,300 jobs (1.2%) over the year.
The unemployment rate is down one-tenth of a percentage point from the June 2014 figure of 6.7% and lower by one and three-tenths of a percentage point from the July 2013 rate of 7.9%. The unemployment rate has not been this low in the state since December 2008 when it was 6.7% (it was 6.4% in November 2008 and rising fast at the time).
The number of unemployed residents has declined by 23,545 (-16.1%) since July 2013. Connecticut’s labor force is now higher by 12,428 (0.7%) participants over the year, but did decline in July (-6,311, -0.3%) after six consecutive months of labor force increases.
Connecticut has now recovered 76,400 positions, or 64.1% of the 119,100 seasonally adjusted total nonfarm jobs that were lost in the state during the March 2008 – February 2010 recession. Connecticut’s jobs recovery is now 53 months old and is averaging approximately 1,442 jobs per month overall since February 2010.
The private sector has restored employment at a faster pace and has now recovered 86,100 (76.9%) of the 112,000 private sector jobs that were lost during the same downturn (1,625 per month). At 1,670,300 nonfarm jobs for July, the state needs to reach the 1,713,000 level to start a true nonfarm employment expansion. This will require an additional 42,700 jobs going forward. A total of 25,900 additional private sector positions are needed to have a fully restored private sector.