Connecticut sees jobs gain; unemployment rate unchanged
Employment numbers are rising with Spring temperatures as the Connecticut Department of Labor’s March Labor Situation report showed increases in employment across a majority of the major industries it tracks.
Preliminary estimates of Connecticut nonfarm payrolls by the U.S. Bureau of Labor Statistics indicated Connecticut gained 4,000 seasonally adjusted nonfarm jobs, a 0.24 percent increase, in March.
Eight of the 10 major industry supersectors showed increases in employment, while just two declined, and since March 2014, job gains totaled 27,100, a 1.63 percent increase over 12 months, according to the report.
“As we entered spring, job growth at this point in the recovery seems to be coming from a broader base of the state”™s industries,” said Andy Condon, director of the state Labor Department”™s Office of Research. “Eight of 10 major industry supersectors added jobs in March and over the year. We continue to see increased labor force participation as the economy improves.”
Private sector growth was responsible for a majority of the job increase last month as well as over the past year.
The private sector in March gained 3,700 positions, a 0.26 percent increase, and Connecticut private sector firms have boosted employment by 26,100 jobs, a 1.84 percent increase, since March 2014. The government supersector also posted an increase in March of 300 jobs, a 0.13 percent gain, making up for a 0.8 percent decline in February of 200 jobs (employment on Indian reservations, including casinos, is counted in local government). Jobs gained for government entities since March 2014 numbered 1,000 or 0.42 percent, the report stated.
Job-gaining supersectors were led by trade, transportation and utilities, which had an increase of 1,500 jobs, or 0.5 percent, in March.
The combined construction and mining supersector saw the biggest decline in March with the loss of 800 jobs, a 1.4 percent decrease, as moderate snow still covered the state during the survey week (the week that includes the 12th day each month). The financial activities supersector underwent the other major industry loss last month, with a decrease of 400 jobs, a 0.3 percent change.
Among Connecticut”™s 10 major industry supersectors, only the manufacturing and information industry supersectors are posting minor employment declines over the year.
Manufacturing has lost 600 jobs, a 0.4 percent decrease, and the information supersector has lost 100 jobs, a decline of 0.3 percent.
The state unemployment rate remains at 6.4 percent ”“ unchanged from February and above the national rate of 5.5 percent. Since March 2014, the jobless rate is down by five-tenths of a percentage point in the state and the number of unemployed residents has declined by 7,599, to 121,896, a 5.9 percent drop over the year.
In Fairfield County, the unemployment rate is down to 6.1 percent from 6.5 percent in February.
Out of a labor force of 480,901 people in Fairfield County, 29,323 are unemployed, according to the state Labor Department.
Overall, the news bodes well for the state, according to the Labor Department, which has seen steady recovery from the damage of the 2008 recession.
According to the report, Connecticut has now recovered 92,700 positions, or 77.9 percent, of the 119,000 seasonally adjusted total nonfarm jobs that were lost in the state during the recession from March 2008 to February 2010. Connecticut”™s jobs recovery is now 61 months old and is averaging 1,520 jobs per month since February 2010. The private sector has recovered employment at an improved pace and has now restored 99,200, or 88.9 percent, of the 111,600 private sector jobs that were lost during the recession (a pace of 1,626 per month).
The state needs to reach 1,713,000 jobs to move into an employment expansion ”“ this will require an additional 26,300 nonfarm jobs, the Labor Department said. A total of 12,400 additional private sector positions are needed to have a fully restored private sector. The government supersector has continued to lose jobs throughout the nonfarm employment recovery period, 6,500 in total.
“This is no doubt good news, and no doubt a reflection of the smart choices we”™ve made to make the future brighter for thousands of residents,” Gov. Dannel Malloy said in a statement. “Jobs numbers are improving, our economy is growing, and our strategy is working as we make more progress. Last year, we added more jobs than at any time since 1998, and we are on pace to continue that progress.”