October 19, 2017 1 COMMENTS

CT lost 2,000 jobs in Sept.

Connecticut shed 2,000 jobs in September yet the jobless rate declined to 4.6 percent, state labor authorities say.

An early estimate from the federal Bureau of Labor Statistics found Connecticut nonfarm job employment was 1,684,900 last month, the state Department of Labor said Thursday.

Meantime, August's statewide loss of 3,900 jobs was revised to a loss of 4,200 jobs, the state labor agency said. Connecticut's August unemployment rate was 4.8 percent, same as it was in Sept. 2016.

The reason the September jobless rate fell, despite a loss of jobs, was that while the number of unemployed residents in the state fell by 5,032, the number of employed residents also declined, by 4,344, the state said.

"September's decline of 2,000 seasonally adjusted payroll jobs caps a slow third quarter for Connecticut job growth," said labor department research Director Andy Condon. "Annual job growth is now only 3,500, though the private sector is doing considerably better."

The U.S. jobless rate in September was 4.2 percent.

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DBTGeology

10/20/17 AT 06:57 PM
Connecticut's business climate is at a critical precipice. This week's "The List" in the Print edition of the HBJ identifies Connecticut's largest employers, and this list highlights what's wrong with the State.

First, the #1 largest employer in CT is the State of Connecticut.

Second, the State of Connecticut number of employees increased by 18% from 48,912 in 2016 to 57,771 (estimated) in 2017. This occurring while the State has no budget and is in a mind-boggling fiscal crisis - only partly driven by problems with underfunded pension promises of the past.

Third, simple math combining the public sector largest employers in this list brings you to these startling revelations about the CT business climate:
- of the top 22 employers in the State, public sector jobs account for 70,809 employees in 2017, up from 61,950 in 2016. A 14% increase of public sector employment while the state is in the midst of it's deepest fiscal crisis ever.
- The 2017 public sector employment represents a startling 29.8% of the total employment by the top 22 employers in the State (70,809 public sector employees out of 237,397 total employees in the list)

A third of our state's largest employers are public sector paid for by CT taxes.

During this era when the State can't balance it's budget, major employers are leaving the State, every employer is struggling to integrate the next generation of workers (millennials), the people and businesses of CT are heavily burdened by increasing taxes and decreasing services, public sector employment is continuing to grow! This is an unsustainable circumstance. This article illustrating the loss of 2,000 jobs puts a fine point on the problem. Connecticut has no sound fiscal policy in place. Continued growth of public sector jobs and corresponding tax burden will continue driving tax-paying employers out of the State, resulting in a death spiral for what formerly was the wealthiest State in the Nation.

The legislature and the executive branch needs to wake up to this reality and put in place responsible fiscal controls on the size of the public sector government, and put in place realistic policies and incentives to stem the losses of tax-paying private businesses, reverse this downward course, and save our State before it is too late.
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