CT unemployment rate rises; state adds 900 job. What to know.
The unemployment rate in Connecticut has increased to 4.5%, according to the state Department of Labor.
The labor department said the February 2023 “Labor Situation Report” also show that employers in Connecticut added 900 jobs last month after a “revised January 5,800 jobs gain.”
The rise in the unemployment rate, by 1% to 4.5%; correlates “to more workers entering the labor force,” according to a statement from Labor Commissioner Danté Bartolomeo.
According to Bartolomeo, private sector jobs in Connecticut reached “a 34-year high with the January report and are now 103% recovered from the pandemic losses.”
“After January’s strong job gains, February showed continued steady job growth. Employers remain challenged by the smaller workforce, but the labor force expanded again last month, which is good news for recruiters,” Bartolomeo said in the statement. “Like 2022 and 2023, it appears that 2024 is setting up in the ‘new normal’ pattern of strong early year growth. If so, we expect the growth to moderate towards mid-year. Economists continue to watch national and international events for impacts including inflation, energy prices, and interest rates.”
Bartolomeo said that total jobs in the state “are up 14,900 from February 2023” but that employers have about 90,000 jobs available.
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“The continued labor force expansion is important—Connecticut businesses need workers to grow. The rising unemployment rate is a function of workers coming into the labor market; they go from being ‘not in labor force’ to ‘unemployed’ before they become employed,” labor department economist and Director of Research Patrick Flaherty said, also in the statement. “The state’s economy needs everyone off the sidelines; having more workers starting to look for jobs is good news.”
Other information shared by the labor department:
- CT has recovered 295,000 nonfarm jobs, 101.3% of jobs lost during the COVID shutdown;
- Private sector payroll is up to 1,469,400, up by 12,200 jobs from February 2023;
- Government sector recovery is 82.7% of jobs lost during the COVID shutdown;
- The unemployment rate is up 1% from February 2023;
- Other Services had the largest gains last month, likely due to a strong month for repair and maintenance
- Connecticut has ~ 31,500 unemployment filers.
The department also reported:
Four of the 10 “major industry supersectors added jobs in February 2024, while three declined, and three were unchanged.”
The seven industry supersectors that added employment or were unchanged in February 2024 included:
Other Services +1,600, 2.5%, 65,400
Financial Activities +600, 0.5%, 118,700
Construction and Mining +500, 0.8%, 62,700
Leisure and Hospitality +200, 0.1%, 153,900
Trade, Transportation & Utilities unchanged, 0.0%, 297,600
Manufacturing unchanged, 0.0%, 158,400
Information unchanged, 0.0%, 30,000
The three industry supersectors that declined in jobs in February 2024 were:
Professional and Business Services -1,700, -0.8%, 222,300
Government -200, -0.1%, 233,100
Educational and Health Services -100, -0.03%, 360,400
Find more information here: https://www1.ctdol.state.ct.us/lmi/laborsit.pdf.