Connecticut”™s recession appears to have been more severe than what was initially suggested in previous estimates by economists affiliated with the University of Connecticut, who now say the state’s economy was contracting even as the rest of the nation was beginning to recover.
UConn”™s Connecticut Center for Economic Analysis is adjusting its view following revised U.S. Bureau of Labor Statistics data on Connecticut”™s gross domestic product between 2006 and 2010.
CCEA”™s retrospective modeling now anticipates modest employment growth of around 10,000 jobs over the next two years, which would be insufficient to return total employment to anything approaching 2008 levels, it added.
“Connecticut has an even steeper hill to climb that we had thought,” CCEA economists wrote. “There are fewer jobs in Connecticut now than in 1988 ”“ a generation without job creation ”“ and the resulting demographic trajectory holds serious threats to the state”™s (long-term) fiscal health.”
