Companies add retail jobs in Connecticut
Posted on September 16, 2013
A number of companies have added retail jobs in Connecticut, among other jobs.
Castle Windows expanded to Berlin and added 40 jobs. Walmart will be hiring 300 new employees when it opens a new store in Brooklyn in the fall. Walmart expanded its Cromwell store and added 85 positions.
Pratt and Whitney of East Hartford announced a reduction in workforce of 200 workers. Electric Boat of Groton will be letting 460 workers go over the next four months because work on the USS Miami has been cancelled.
Over the first four quarters of the current recovery, the first quarter of 2010 (2010Q1) to the first
quarter of 2011 (2011Q1), based on seasonally adjusted quarterly data, Connecticut’s Non-Farm
Employment grew by 1.60%, while U.S. Non-Farm jobs increased by a slower 0.99% rate. Over the second
four quarters, 2011Q1 to 2012Q1, the U.S. and Connecticut traded places. Connecticut’s job-growth
decelerated to 1.26%, while U.S. job-growth accelerated to +1.83%.
Over the third four-quarter period of the current recovery, though the U.S. job-growth rate slowed to
1.54%, Connecticut’s job-growth nearly came to a standstill, barely increasing at a rate of 0.26%.
Government jobs has been a drag on growth, though its negative impact declined in each of the three
subsequent periods. In addition, the decelerating contribution from the Goods Producing Sector (+3,467 over 2010Q1-11Q1, and +1,167 over 2011Q1-12Q1) turned significantly negative between 2012Q1 and
2013Q1, subtracting 3,300 from job growth over that four-quarter period.
Next, Connecticut’s Financial Sector began subtracting jobs over the 2011Q1-12Q1 (-2,333), and 2012Q1- 13Q1 (-2,000) periods. But what may be an even bigger story is the dramatic decline in the growth of the largest major sector: Non-Financial Private Services.