For the first time in four months, Connecticut employment dipped slightly, but Fairfield County companies continue to hire, adding 2,400 jobs between September and October.
With 494,900 jobs as of October, the Fairfield County labor market matched its previous high set in July, when Connecticut as a whole set an employment record.
In its monthly assessment of the labor economy, the Connecticut Department of Labor indicated the state shed 700 jobs in October. Statewide employment remains up 20,000 jobs, a 1.2 percent gain in line with job growth nationally, but the unemployment rate crept up to 4.7 percent from 4.3 percent a year ago, and 4.5 percent in September 2007.
Hiring remains particularly strong at colleges and in professional and technical services. The two sectors gained 700 jobs each between September and October, and lead the state for year-over-year figures.
Despite shocks to the housing credit markets, the construction and real estate industries maintained their job levels from September.
“Connecticut”™s economic growth continues to show vitality and still mirrors that of the nation, outpacing many of our neighboring states,” said John Tirinzonie, an economist with the Connecticut Department of Labor. “Hopefully this is only a minor setback in what has been a promising year in terms of job growth.”
For the time being, there was no setback in Fairfield County ”“ employment is up 1.4 percent year over year, or 6,400 jobs.
The county and state have benefited in part from a relative few number of mass layoffs involving 50 or more employees ”“ in the second quarter Connecticut suffered just 17 such layoffs affecting 3,400 workers. The number is still double first quarter mass layoff figures. The U.S. Department of Labor has yet to publish mass layoff statistics in Connecticut for the third quarter.
With Stamford-based Pitney Bowes Inc. planning a 15 percent work force cut, it is uncertain what impact the reductions will have on its Fairfield County operations, which it last reported had 4,000 employees.
The only other Fairfield County company to reveal a mass layoff in October was the Stamford Advocate, which is jettisoning more than 50 jobs as Hearst Corp. acquires ownership.
Procter & Gamble Co. plans to cut nearly 300 jobs at a Clairol plant in Stamford, but the cuts are planned to take place over three years as the Cincinnati-based conglomerate gradually shifts production to Mexico.
In a forecast issued in mid-November, the Boston-based New England Economic Partnership predicted the state will have modest job growth through this year and into next as the region continues to weather uncertainty from the housing market, with median home prices expected to have been marked down 10 percent from their previous highs. Last week, Economy.com analyst Aaron Smith noted that housing prices declined more sharply in September than previous months, renewing the threat of an industry-wide recession.
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