CT finance jobs held steady in November

Connecticut’s robust financial services sector didn’t shed jobs in the month of November, a small victory for the industry, which has been hit hard the by the economic downturn.

The state labor department said today Connecticut unemployment fell to 8.2 percent in November from 8.8 percent in October, despite the loss of more jobs during  the 30-day period.

Employment in financial services stood at 137,600 at the end of November, the same number of jobs the sector had in October, the state Labor Department announced today.

Even still, employment in banking, insurance and real estate is still down by 4,000 jobs, or 2.8 percent, from a year ago.

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In November 2008, Connecticut had 141,600 jobs in financial services.

Overall, Connecticut unemployment fell to 8.2 percent in November despite the loss of more jobs during the month.

State labor economists said jobless people who for the time being have given up looking for work was the most likely reason for the biggest one-month change in unemployment since October, when it rose to 8.8 percent from 8.4 percent in September.

The drop from 8.8 percent in October ended four consecutive monthly increases in the jobless rate since June, state data shows.

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Nationally, the unemployment rate dropped to 10 percent in November from 10.2 percent in October.

“Connecticut continues to follow the national trend in that November showed job losses, as well as a decrease in the unemployment rate,” said labor statistician supervisor Salvatore DiPillo.

“However, lower unemployment rates and fewer unemployed people are not necessarily signals of better economic times,” DePillo said. “If people are not seeking work, then they are not counted among the labor force, and do not figure into the unemployment rate.”

 

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