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March 18, 2016

DOL cautious about jobs growth

The jobs outlook is cautious for 2016 according to the CT Department of Labor.

In its March 2016 edition of The Connecticut Economic Digest, the state Department of Labor is striking a cautious prediction about jobs growth this year.

The report said 2016 begins with more uncertainty than the previous years. Connecticut added, what the report terms, “a mere 900 jobs in January,” while the unemployment rate rose from 5.4 percent to 5.5 percent.

It says new hiring is being offset by layoffs.

Employers like Mohegan Sun, Shoprite, Electric Boat, Comcast and others plan to increase hiring but the labor department said those will be offset by layoffs at A&P, which is shuttering stores as part of its bankruptcy; Hartford Healthcare reducing its workforce; Macy’s closing its Enfield store; as well as General Electric moving part of its headquarters workforce to Boston.

The labor department said that news also has to be balanced with a growing budget deficit. “Total all revenues were down 7.6% in January. We will not know until this time next year, but hopefully 2016 will turn out to be another year of continued employment growth,” the report said.

Read more

CT adds 3,500 jobs; unemployment down slightly

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