Revised numbers show a loss of Connecticut jobs

Posted on March 20, 2014

Revised economic numbers for January shows that Connecticut jobs dropped.

Connecticut’s employment dipped 10,400 positions to a level of 1,653,100 jobs in January 2014.

Upward revisions to 2013 nonfarm employment levels, especially in the fourth quarter of 2013, brought December’s re-estimated employment 12,300 positions higher (+0.7%) than levels originally published. Connecticut experienced upward nonfarm employment revisions to every month in 2013.

This is the sixth monthly unemployment rate decline in a row since reaching 7.9% in July 2013 (based on newly revised data, see page 6).

The state’s unemployment rate is now eight-tenths of a percentage point below a year ago (8.0%). The number of unemployed residents in the state has fallen over-the-year by 16,413 (-11.0%).

January’s job estimate fell by 10,400 (-0.6%) possibly due to severe winter weather in the region. Year-over-year job growth declined to 3,900 (0.2%, seasonally adjusted). January’s decline followed a revised upward December estimate which reached the highest nonfarm employment level since the recovery began in February 2010.

Connecticut has recovered 59,200 positions, or 49.7% of the now 119,100 seasonally adjusted total nonfarm jobs that were lost in the state in the March 2008 – February 2010 employment recession. The prior nonfarm recessionary job loss was estimated at 121,200 but was revised slightly lower (-2,100) due to changing seasonal factors, a slight change in scope of industry coverage, and the updated benchmark.

Connecticut’s jobs recovery is now 47 months old and is averaging approximately 1,260 jobs per month overall since February 2010.

The private sector has recovered much better and has now recouped 69,800 (62.3%, 1,485 per month) of the now 112,000 private jobs that were lost during the same recessionary period (formerly 114,000 on last year’s benchmark).