The state lost 500 net non-farm jobs during the month of November, according to the U.S. Bureau of Labor Statistics, to a seasonally adjusted total of 1,702,900. That compares to a (revised) net gain of 3,000 jobs statewide during October.
At the same time, however, the number of unemployed Connecticut residents also declined, by a reported 2,300 in October, to an estimate 77,700. That brought the statewide unemployment rate down 0.1 percent for the month, to 4.1 percent.
“It is clear that Connecticut’s labor market continues to tighten,” said Andy Condon, director of the state Department of Labor’s Office of Research. “Our unemployment rate continues to trend down into full-employment territory, and nearly all industry supersectors are showing annual growth.
“The trade and information sectors are the only exceptions,” Condon added.
Construction & Mining led all industry supersectors (in DOL parlance) with 600 net new jobs for the month, to 64,900 statewide. “Financial Activities” added 300 jobs in November, to 130,200, while the Information sector posted a net gain of 200 jobs, to 31,000.
The biggest employment-sector loser was Education & Health Services, which shed 600 jobs during November, followed by Professional & Business Services, which declined by a net 500 jobs statewide.
Among the six Connecticut Labor Market Areas (LMAs), three (Hartford, Bridgeport-Stamford-Norwalk, and Danbury) posted net job gains for the month. The New Haven LMA shed the most jobs (1,000) for the month, followed by the Norwich-New London-Westerly (R.I) and Waterbury LMAs.
Meanwhile, the state’s largest business organization sounded an encouraging note with regard to private-sector job gains in Connecticut during 2018.
“We are on track for one of the best years of growth in more than three decades,” said Peter Gioia, economic advisor to the Connecticut Business & Industry Association (CBIA).
Gioia noted that private-sector employers added 26,300 jobs over the last 12 months, with strong growth in a number of key economic sectors, including construction and business and professional services.
Gioia also noted that Connecticut’s aggregate private-sector job growth rate over the last eight years is 7 percent, compared to 12 percent for the six-state New England region and a national average of 17 percent.
“It’s critical to remember that we need to sustain economic growth and momentum,” Gioia said.
Contact Michael C. Bingham at mbingham@newhavenbiz.com
