CT jobs drop by 300 as government, colleges shed jobs. Here’s where the unemployment rate stands

Hartford Courant – Monday, November 18, 2024
By Staff Report

Connecticut’s unemployment rate fell to its lowest level since August 2001, according to the Department of Labor’s October jobs report.

The unemployment rate dropped another 0.2% to 3.0%, with the private sector adding 900 jobs, the report said. Overall jobs are down 300 jobs “due to lower government payrolls,” a DOL statement said Monday.

“In state government, colleges and universities are carrying smaller payrolls than last year and local government has also shed workers,” the statement said.

Commissioner Danté Bartolomeo said the state has followed a pattern of growth and loss. “Connecticut is following the post-2020 economic pattern of high early year growth for six months that weakens towards the end of the year,” Bartolomeo said. “Even with monthly ups and downs, our economy is stable with major economic drivers like healthcare continuing to hire and expand.”

“While we are watchful of the impact of national issues, the state’s economy remains steady,” he said.

Bartolomeo noted that since October 2023, the state added a total of 8,300 jobs, 7,700 in health care.

Health care and social assistance employ the highest number of people, with 294,000 employees in hospitals, clinics, nursing homes, medical offices, and private social services providers.

The job market remains tight, CTDOL Director of Research Patrick Flaherty said.

“With a very low unemployment rate, low unemployment claims filing, and a steady labor force participation rate, this remains a tight job market for employers who are recruiting; they are constrained by the smaller workforce post-pandemic,” Flaherty said. “Job postings are still high even after moderating over the past few months. There are many opportunities for job seekers.”

Sen. Henri Martin, ranking senator on the legislature’s Commerce Committee, and Sens. Paul Cicarella and Stephen Harding said in a joint statement, “This is disappointing. Connecticut lost hundreds of jobs overall.”

“Republicans continue to be concerned about the need to strengthen our workforce development efforts,” the statement said. “Above all, we are concerned about how unaffordable Connecticut is for working and middle class families.”

“From electricity and heat to groceries and insurance, Connecticut families are struggling every day to make ends meet.”

Highlights of the report include:

• Connecticut employers have added 13,200 jobs so far in 2024 and are averaging 1,320 jobs added per month.
• September total jobs were revised to 1,300 losses from 300 losses.
• Connecticut’s Labor Force Participation Rate is 64.1%, unchanged from last month. The national rate is 62.6%.
• There are 1,709,000 payroll jobs in Connecticut.
• Connecticut has more than 75,000 jobs open.
• Unemployment claims remain below 25,000 and dropped last month.

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