State adds Connecticut jobs
Posted on June 19, 2012
The labor market is looking up, as it appears Connecticut jobs have been added.
The Connecticut Labor Dept. reports that May 2012 total nonfarm job estimate, seasonally adjusted, increased by 1,400 jobs, or 0.1% to 1,629,600. Over the year, the state labor market has grown by 6,200 jobs, or 0.4%. The April preliminary estimate of a -4,100 (-0.3%) job decline was revised lower to a -4,700 loss (-0.3%, 1,628,200).
Connecticut’s large employment fluctuations experienced since the beginning of the year appear to be driven by unusual seasonal patterns rather than purely economic forces. The first five months of 2012 have produced a job growth of 6,100 positions for the state which is just below 2011’s January-May employment buildup of 7,700 positions. This is consistent with most forecasts which project continued slow, but positive recovery in the state.
The unemployment rate, up onetenth of a percent to 7.8% last month, came in with an increase in the number of unemployed (3,112) but also favorable labor force growth (5,270). An expanding labor force may signal jobseekers are reentering the labor market, sensing better employment prospects.
Connecticut has now recovered 34,900, or 29.7%, of the 117,500 total nonfarm jobs lost in the March 2008 – February 2010 recessionary period. The private sector has now regained 43,600 (39.6%) of the 110,200 private jobs lost in the recessionary downturn. Financial activities, other services, and government have continued to lose jobs even after the recovery began in February 2010. However, last month, total private employment declined slightly (-200, less than 0.05%) as government had a large gain (1,600, 0.7%). Since last May, the private sector has added 9,900 positions (0.7%), while overall nonfarm employment is running at a somewhat slower pace (6,200, 0.4%). The current job recovery highpoint is February 2012 (1,634,900) for Connecticut.