CT lost jobs in Oct. for 4th consecutive month; unemployment rate still falls
MARK PAZNIOKAS / CT MIRROR
Connecticut state Capitol.
Connecticut’s labor market got a mixed reading in October.
On the plus side, the state’s unemployment rate shrunk again, to 3%, a 23-year low, according to new data released Monday by the state Department of Labor.
On the negative side, the state lost a net 300 jobs, marking the fourth consecutive month of job losses. The loss was driven by lower government payrolls, while the private sector added a net 900 jobs last month, the DOL said.
The state also revised September’s job numbers from a loss of 300 to a loss of 1,300 jobs, the DOL said.
The falling unemployment rate combined with the job losses reflect Connecticut’s shrinking labor force, which has been a major issue since the 2020 pandemic.
Connecticut has more than 75,000 jobs open, according to the DOL.
“With a very low unemployment rate, low unemployment claims filing (below 25,000), and a steady labor force participation rate (64.1%), this remains a tight job market for employers who are recruiting; they are constrained by the smaller workforce post-pandemic,” said Patrick Flaherty, the state DOL’s director of research. “Job postings are still high even after moderating over the past few months. There are many opportunities for jobseekers.”
Despite the recent job losses, Connecticut employers have added 13,200 jobs in 2024, averaging 1,320 jobs added per month.
Three of the 10 major industry supersectors increased jobs in October 2024, while four declined and the manufacturing, construction and mining and information supersectors were unchanged.
The industries that increased employment included:
- Other Services +500, 0.8%, 64,600
- Leisure & Hospitality +500, 0.3%, 156,700
- Trade, Transportation & Utilities +400, 0.1%, 296,100
The four industry supersectors that fell in jobs in October were:
- Government -1,200, -0.5%, 233,700
- Educational and Health Services -300, -0.1%, 368,200
- Financial Activities -100, -0.1%, 119,200
- Professional and Business Services -100, -0.04%, 220,000
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