Connecticut Unemployment Rate Declines For Third Straight Month

Connecticut's unemployment rate is going down. According to the Connecticut Department of Labor Connecticut's labor situation report released today for the month of November, Connecticut’s unemployment rate fell three-tenths of a point to 7.6 percent and is now seven-tenths of a point lower than a year ago. 

That may not sound like much but it means there are now 15,173 fewer unemployed Connecticut residents than there were a year ago. The big news is that, after very little movement in the state’s unemployment rate throughout the year, Connecticut's now seen the unemployment rate decrease for the third month in a row. 

Overall payroll nonfarm jobs grew by 4,000 (0.2%) seasonally adjusted to a level of 1,655,300 in November, according to the federal survey of business establishments. Private sector jobs grew 4,200 (0.3%) jobs over the month, while government jobs fell by 200 (-0.1%). Nonfarm job growth now stands at 16,500 (1.0%) as compared to November of 2012.

“November’s strong job growth offset some declines in the third quarter returning us to the positive, though modest growth path we have seen throughout 2013,” said Andy Condon, Director of the Office of Research. “A third straight month of unemployment rate declines is certainly good news, though these declines are still occurring on a shrinking labor force.” 

Recession Recovery 

According to a press release issued by the Department of Labor about the report, Connecticut has now recovered 63,500 positions, or 52.4% of the 121,200 seasonally adjusted total nonfarm jobs that were lost in the state in the March 2008 - February 2010 employment recession. 

Connecticut’s jobs recovery is now 45 months old and is averaging approximately 1,411 jobs per month since February 2010. The private sector has recovered somewhat faster and has now recouped 71,600 (62.8%, 1,591 per month) of the 114,000 private jobs that were lost during the same period. Now at 1,655,300 nonfarm jobs in November, the state needs to reach the 1,713,000 level to arrive at a clear employment expansion. This will require an additional 57,700 jobs. 

More Work To Be Done

All six labor market areas in Connecticut experienced job growth, although some grew faster than others. The Department of Labor is releasing town-by-town employment figures on Friday, but the Labor Market Area estimates offer a hint of what to expect. 

New Haven's labor market area gained the most new jobs (3,300, representing a 1.2 percent growth). The Norwich-New London and the Waterbury labor market areas experienced the smallest job growth. Norwich-New London gained 900 jobs for a .7 percent increase. 

"While a decrease in the unemployment rate and the addition of more than 4,000 private sector jobs in a month is clearly a step in the right direction, we still have much work to do,” said Governor Dannel Malloy in response to the latest report.

“We are making steady progress at growing our economy in a way that will create good paying jobs with good benefits for middle class families,” continued Governor Malloy. “But if you haven't been able to get one of these jobs, then you're not feeling the impact of these changes.  I want to make it clear that we can't and won’t stop making progress until everyone that wants a job in our state has one."

Unemployment: By The Numbers

Here are a few highlights from the report. You can find the full report online here:

• After remaining steady for most of 2013, Connecticut’s unemployment rate is at its lowest level since February 2009, when it was 7.4%.
• The state’s unemployment rate has declined for the third consecutive month to 7.6%, compared to 8.3% in November 2012.
• Connecticut saw an average growth of 1,400 jobs per month during the first 11 months of 2013, compared to an average growth of 700 jobs per month during the same period in 2012.
• The private sector in Connecticut added 4,200 jobs in November 2013 and has grown 17,900 positions during 2013.