Year over year, Connecticut jobs have increased, according to recent labor statistics.
Labor statistics posit that Connecticut regained 800 total nonfarm jobs (0.05%) in February after a major weather-related employment decline in January, and has now added 10,300 jobs (0.63%) over the year. The more robust private-sector had a stronger job rebound, adding 2,700 positions (0.19%), and has increased payrolls at much faster pace over the year (14,000, 1.00%).
Connecticut’s core private sector (2,700, 0.19%) was certainly stronger last month, and has shown more solid growth over-the-year (14,000, 1.00%). The government supersector (-1,900, -0.81%) remains a drag on overall employment gains both over-the-month, over the year (-3,700, -1.56%). Since the overall job recovery began in in February 2010, an additional 12,300 additional public sector jobs have been lost.
Connecticut has recovered 59,500 positions, or nearly half of the now 119,100 seasonally adjusted total nonfarm jobs that were lost in the state in the March 2008 – February 2010 employment downturn.
Connecticut’s jobs recovery is now 48 months old (4 years) and is averaging approximately 1,240 jobs per month overall since February 2010 (14,875 jobs per year over the four years).
The private sector has recovered much better and has now recouped 71,800 (64.1%, 1,496 per month) of the now 112,000 private jobs that were lost during the same recessionary period (17,950 jobs per year).
The state’s unemployment rate continued to undergo a steady decline, dropping two-tenths of a percentage point this month to 7.0%, and is down from the 7.9% rate calculated a year ago. This is the seventh consecutive monthly decline in Connecticut’s unemployment rate since July 2013.
An increasing civilian labor force (5,842, 0.3%) for the second month in a row, coupled with strongly rising residential employment (8,489, 0.5%), and a falling number of unemployed residents (-2,647, -2.0%) helped bring the unemployment rate down this month. T
he number of unemployed Connecticut residents has decreased 17,502 (-11.8%) since February 2013.