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Financial jobs in Connecticut increase

Posted on April 29, 2019

More financial jobs in Connecticut have been added, according to recent labor statistics.

Preliminary Connecticut nonfarm job estimates from the business payroll survey administered by the US Bureau of Labor Statistics (BLS) show the state lost 1,300 net jobs (-0.08%) in March 2019, to a level of 1,693,400 seasonally adjusted.

Over the year, nonagricultural employment in the state grew by 7,300 jobs (0.4%).

The February 2019 originally-released job loss of 400 was revised up 800 to a gain of 400. The number of the state’s unemployed residents was estimated at 74,100, seasonally adjusted, up 200 from February. As a result, Connecticut’s March unemployment rate is at 3.9%, seasonally adjusted, up one-tenth from the revised February level.

“With the March decline of 1,300 jobs the three-month average of job growth is now negative,” said Andy Condon, Director of the Office of Research. “However, annual job growth has actually improved as the first quarter of 2018 was very weak.”

Four of the ten major industry supersectors gained employment in March, while five declined.

Financial Activities led gainers with an increase of 700 jobs (0.6%, 127,400 total jobs). The Trade, Transportation & Utilities (0.1%, 294,300) and Educational and Health Services (0.1%, 337,300) supersectors both gained 200 jobs, while the Other Services supersector added 100 positions (0.2%, 64,300). Manufacturing was unchanged (0.0%, 161,500).

The Construction and Mining supersector led declines, dropping 900 jobs (-1.5%, 61,200), followed by Leisure and Hospitality with a decline of 700 (-0.4%, 160,500). Professional and Business Services services dropped 600 (-0.3%, 217,200) while the Information lost 100 positions (0.3%, 32,800).
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