Edward Deak's 2016 Economic Predictions
Edward Deak, CT Model Manager, The New England Economic Partnership
Name: Edward Deak
Title: CT Model Manager
Company/Organization: The New England Economic Partnership
What’s your 2016 economic outlook for Connecticut? Moderate Growth
How many jobs will Connecticut add/lose? +12,000, but many potential job losses (from General Electric, ESPN, related to mergers involving Aetna, Cigna and Pfizer, etc.) threaten to limit CT job gains in 2016.
What will Connecticut’s unemployment rate be at the end of 2016? 5%, slow growth in labor force will help keep rate from rising, with combination of dropouts and retirements.
What type of GDP growth will CT see in 2016? 1.5% - 2%
Which industry will add the most jobs? The largest job sector is education and health care so it should have the most absolute number of new jobs but at a slower annual rate of gain vs. past years. Other industry gainers will be retail, leisure and hospitality.
Which industry will lose the most jobs? Local government and manufacturing are the most likely sectors to lose jobs. Manufacturing declines would be due to strong U.S. dollar that restricts exports and local government because of casino job losses and slow revenue gains that limit hiring of new workers for local government.
[See what others are saying on HBJ's Economic Forecast 2016 page]
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