In Connecticut, pace of business failures slows

Business closings dropped by 26 percent between the second and third quarters, but still were the highest for any third quarter this decade in Connecticut.

Some 2,600 companies shut down in the third quarter, a 7 percent increase from a year earlier and bringing the total for the first nine months of the year to just over 9,500, also a decade high.

The closures were offset by slightly more than 6,600 startups, a 3 percent increase from the second quarter according the office of Connecticut Secretary of State Susan Bysiewicz.

“There are indications that the bulk of these closings may be behind us and that future losses are apt to be smaller,” said Don Klepper-Smith, chief economist DataCore Partners L.L.C. and chairman of the governor”™s council of economic advisers. “The effects from this recession have been profound, but I think better days lie ahead with the pending economic recovery.”