Connecticut jobs grow in March
Posted on April 22, 2014
The latest labor statistics show that Connecticut jobs climbed in March.
The state has now added 9,400 jobs (0.6%) over the year. The March increase was enhanced by February’s upwardly revised increase (1,400, 0.1%) that was 600 jobs higher than originally reported.
The unemployment rate in the state for March was 7.0%, unchanged from February 2014, but down from the 7.8% rate determined a year ago. The statewide labor force estimate grew again in March (7,012, 0.4%), mostly on increased residential employment.
Employment estimates for March show a strong 4,900 job gain (0.3%) which is helping Connecticut return to the moderate nonfarm employment growth trend that was apparent at the end of 2013. Since March 2013, the state has added 9,400 jobs (0.6%) for a total nonfarm employment level of 1,658,900.
March’s monthly employment level has ascended through its three-month moving average, which is used to address monthly volatility.
Connecticut has regained 65,000 positions, or 54.6% of the 119,100 seasonally adjusted total nonfarm jobs that were lost in the state during the March 2008 – February 2010 employment recession.
Connecticut’s jobs recovery is now 49 months old and is averaging approximately 1,327 jobs per month overall since February 2010. The core private sector has recovered at a faster pace and has now gotten back 76,500 (68.3%, 1,561 per month) of the 112,000 private jobs that were lost during the same downturn.
March 2014 preliminary estimates show five of the six major Connecticut Labor Market Areas (Bureau of Labor Statistics recognized LMAs) posted nonfarm job gains, while the Norwich-New London LMA was just slightly lower (-100, -0.1%). Hartford (3,900, 0.7%), the largest LMA, led all in job growth magnitude in March after posting a large job loss last month. The Bridgeport-Stamford-Norwalk LMA (1,900, 0.5%) also was positive and the New Haven LMA (1,300, 0.5%) added jobs as well.