WETHERSFIELD: Employment in the state has continued to grow with an additional 2600 jobs added in February. The unemployment rate however increased to 4.6%
During the past year, nonagricultural employment in the state grew by 8,100 jobs (0.5%).
A little more good news, the January jobs number was revised upward to 3800 net new jobs from 3400.
The February jobs gain is the fourth consecutive month of job gains for the state.
Private Sector employment grew by 2,500 (0.2%) to 1,461,200 jobs over the month in February, and by 12,300 (0.8%) seasonally adjusted jobs over the year. The Government supersector gained 100 positions in February to a total of 230,800, but over-the-year losses were at -4,200 or -1.8%. The Government supersector includes all federal, state and local employment, including public higher education and Native American casino employment located on tribal land.
Job gains were uneven with six of the ten major industry supersectors gaining employment in February, while three declined and the Trade, Transportation & Utilities supersector was unchanged. Construction and Mining led growing industries with 1,500 net new jobs (2.6%, 59,200 total jobs). Leisure and Hospitality was next with an increase of 1,100 jobs (0.7%, 155,800 total). Financial Activities gained 700 (0.5%, 128,700). Educational and Health Services added 300 jobs (0.1%, 337,900 total). Both the Other Services (0.2%, 65,600) and Government (0.04%, 230,800) supersectors contributed 100 net new jobs in February 2018.
On the down side, Professional and Business Services dropped 1,000 jobs, (-0.5%, 220,100) in February and the Manufacturing (-0.1%, 163,100) and Information (-0.3%, 30,600) supersectors each lost 100 positions.
Manufacturing jobs for the past 12 months are up 5500 jobs. The state continues to lag New Englnd however, with the region’s highest unemployment rate at 4.6%. Connecticut has recovered 82% of all jobs lost during the 2008-2010 recession and is now at 02% of the private sector jobs lost, still however, the slowest growth rate of the six New England states.
CBIA economist Pete Goia commented on the February data, “This is another positive report, and it’s great to start the year with two months of growth.” He added, “now we need to make sure that we maintain this momentum, and be watchful of the factors that can erode job growth. The most glaring example is business confidence in things like the state budget, and since we find ourselves in another deficit, it’s critical that lawmakers create an environment where businesses feel confident to invest and create even more jobs.”