Unemployment in Connecticut falls
Posted on April 17, 2013
The unemployment rate in Connecticut fell to 8 percent in February, according to recent labor market statistics.
Estimates for Connecticut show a payroll job loss of 5,700, however, they also show a continued decline in Connecticut’s unemployment rate of one-tenth of a percentage point to 8.0%.
Employment fell in eight out of ten major industry supersectors.
Nonfarm employment in Connecticut fell by 5,700 jobs, or -0.4% in February 2013 (seasonally adjusted). Eight of ten industry employment supersectors exhibited job declines last month, possibly driven by storm-related disruptions. January 2013’s preliminary estimate of a 4,700 job gain over the month (0.3%) was revised higher to a gain of 6,400 (0.4%). Since February 2012, the state has now added just 2,400 positions (0.2%).
“Though our data can’t point at any specific regions or industry sectors that would confirm the winter storm hampered job growth in February, that result seems likely,” said Andy Condon, Director of the Office of Research. “On the plus side, we continue to see the state’s unemployment rate decline, if only at a modest pace.”
Three years into the employment recovery for the state, Connecticut has now recovered 48,600, or 40.1%, of the 121,200 seasonally adjusted total nonfarm jobs lost in the March 2008 – February 2010 employment downturn. The private sector has recouped 56,100 (49.2%) of the 114,000 private jobs lost during the same recessionary period. The new current job recovery high point for Connecticut’s total nonfarm employment (1,646,100) was reached in the prior month with the January 2013 revised update.
Just two of the six major Connecticut Labor Market Areas (LMAs) posted job gains in February 2013 as four of the other major state LMAs declined. The major Connecticut LMAs are estimated and seasonally adjusted independently from the statewide numbers. The Danbury LMA (300, 0.4%) and the Norwich-New London LMA (100, 0.1%) were the only two regions to add jobs over the month.